ABUJA, Feb. 15 (Xinhua) -- Nigeria's headline inflation rate rose to 29.90 percent in January, up from 28.92 percent recorded in December last year, the National Bureau of Statistics (NBS) said Thursday.
The country's consumer price index, a main gauge of inflation, showed an increase of 0.98 percentage points when compared to the December 2023 headline inflation rate, the statistics agency said in its latest report.
"Similarly, on a year-on-year basis, the headline inflation rate was 8.08 percentage points higher compared to the rate recorded in January 2023, which was 21.82 percent," the NBS report said.
On a month-on-month basis, the headline inflation rate in January was 2.64 percent, which was 0.35 percentage points higher than the 2.29 percent rate recorded in December 2023, according to the report.
"This means that in January, the rate of increase in the average price level is more than the rate of increase in the average price level in December 2023," it added. ■