Nigeria’s inflation rate rose from 21.34 percent in December 2022 to 21.82 percent in January 2023 amid biting scarcity of the naira.
According to the latest Consumer Price Index (CPI) report
released on Wednesday by the National Bureau of Statistics (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, the headline inflation
rate was 6.22% points higher compared to the rate recorded in January 2022,
which was 15.60%,” the report read.
“This shows that the headline inflation rate (year-on-year
basis) increased in the month of January 2023 when 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%).
“This means that in the month of January 2023, on average,
the general price level was 0.15% higher relative to December 2022.”
The NBS said the percentage change in the average CPI for
the twelve months period ending January 2023 over the average of the CPI for
the previous twelve months period was 19.36%, showing a 2.49% increase compared
to 16.87% recorded in January 2022.
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