Federal finance and statistics / National Bureau of Statistics

CPI and Inflation Report January 2024

Executive Summary In January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92%. Looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98% points when compared to the December 2023 headline inflation rate. Similarly, on a year-on-year basis, the headline inflation rate was 8.08% points higher compared to the rate recorded in January 2023, which was 21.82%. This shows that the headline inflation rate (year-on-year basis) increased in January 2024 when compared to the same month in the p…