February 15, (THEWILL) – Nigeria’s inflation rate rose from 21.34% in December 2022, to 21.82 % in January 2023, the National Bureau of Statistics (NBS) said on Wednesday
According to the NBS, 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, headline inflation rate was 6.22% points higher, compared to 15.60% recorded in January 2022. The data showed that the headline inflation rate (year-on-year basis) increased in January 2023, compared to the same month in 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 the 16.87% recorded in January 2022.
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