Naira Dive and Fuel Prices Drive 30% Inflation

Economists attribute the nation’s surging inflation to the ongoing depreciation of the naira and elevated fuel costs. January 2024 saw a spike to 29.90% inflation, up from 28.92% in the prior month, according to new National Bureau of Statistics data released Thursday.

This 0.98% rise underscores the persistent inflationary trend, contrary to projections by Central Bank Governor Yemi Cardoso aiming to ease inflationary pressures this year.