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Bread, cereal prices push inflation up to 29.90%

According to the National Bureau of Statistics (NBS), the headline inflation rate in January 2024 increased by 0.98 percent points from 28.92 percent in December 2023.
Remember that inflation in December 2023 reached a 20-year high.

In accordance with the NBS, January’s inflation was caused by increases in prices for bread and cereals, potatoes, yam and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa.

According to the data, food inflation jumped by 35.41 percent year on year, which is 11.10 percentage points higher than the rate reported in January 2023 (24.32%).

It stated that “All items less farm produce and energy,” or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 23.59 percent in January 2024 on a year-on-year basis, up 4.71 percent from 18.88 percent in January 2023.

“The highest increases were recorded in the prices of passenger transport by road, medical services, actual and imputed rentals for housing, pharmaceutical products, accommodation services, passenger transport by air, etc.”

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