Nigeria’s inflation hits 21.82 percent

Nigeria’s January inflation figure rose from 21.34 per cent in December to 21.82 per cent in January, according to National Bureau of Statistics, NBS recent data.

The January 2023 inflation rate showed an increase of 0.47% points when compared to December 2022 inflation rate.

However, on a year-on-year basis, the headline inflation rate was 6.22% points higher compared to the rate recorded in January 2022, which was 15.60%. The data showed that the headline inflation rate (year-on-year basis) increased in January 2023 compared to the same month in the preceding year (i.e., January 2022).

The contributions of items on a class basis to the increase in the headline index are Bread and Cereal (21.67%), Actual and Imputed Rent (7.74%), Potatoes, Yam and Tuber (6.06%), Vegetable (5.44%), and Meat (4.78%).

On a month-on-month basis, the percentage change in the All-Items Index in January 2023 was 1.87%, which was 0.15% points higher than the rate recorded in December 2022 (1.71%).

According to the figure, on average, the general price level was 0.15% higher relative to December 2022. The percentage change in the average CPI for the twelve months ending January 2023 over the average for the previous twelve months was 19.36%, showing a 2.49% increase compared to 16.87% recorded in January 2022.