The National Bureau of Statistics (NBS) has said that the headline inflation rate increased year-on-year by 0.98 percentage points to 29.9 per cent in January 2024 from 28.92 per cent in December 2023.

The Bureau disclosed this in its Consumer Price Index report for January 2024.

This means that in January 2024, the rate of increase in the average price level is greater than the rate of increase in the average price level in December 2023.

The NBS said the food inflation rate in January 2024 was 35.41 per cent on a year-on-year basis, which was 11.1 percentage points higher compared to the rate recorded in January 2023 (24.32 per cent). 

According to the agency, the rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa.