The National Bureau of Statistics (NBS) said on Thursday that the Consumer Price Index (CPI), which gauges the rate of change in the prices of goods and commodities, increased to 29.90 percent in January from 28.92 percent the previous month.
In January 2023, headline inflation was 21.82 percent; year over year, it was 8.08 percent higher.
From 24.32 percent in January 2023 to 35.41 percent in January 2023, the rate of food inflation climbed by 11.10 percent annually.
The price rises of bread and cereals, potatoes, yam and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa were blamed for the increase in the food index.
However, core inflation—which does not include the cost of energy or volatile agricultural products—also increased, rising 4.71 percent to 23.59 percent on an annual basis from 18.88 percent in January 2023.