Nigeria’s inflation rises to 29.90% y/y in January

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Nigeria’s annual inflation rose to 29.90% in January from 28.92% in December 2023, the National Bureau of Statistics said on Thursday.

Price rises for food were the biggest driver of inflation in the latest month, the statistics bureau said.

Food inflation rose to 35.41% year on year in January, from 33.93% in December.

Inflation in Africa’s largest economy has been in double digits since 2016, eroding incomes and savings.