Nigeria’s food inflation increased to 35.42 per cent in January 2024, from 33.93 per cent in December last year.
The National Bureau of Statistics disclosed this in its latest Consumer Price Index on Thursday.
This represents a 0.49 per cent increase on a month-on-month basis.
Similarly, the figure was 11.10 per cent higher than the rate recorded in January 2023, which stood at 24.32 per cent.
Accordingly, the rise in food inflation was propelled by the increase in prices of bread and cereals, potatoes, yam and other tubers, oil and fat, fish, meat, fruit, coffee tea, and cocoa.
The report added that the average annual rate of food inflation for the twelve months ending January 2024 over the previous twelve-month average was 28.91 per cent, which was a 7.38 per cent points increase from the average annual rate of change recorded in January 2023 (21.53 per cent).
Headline inflation in January increased to 29.90 per cent from 28.92 per cent in the previous month.
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