By Fatima Zahra Muhammad
Nigeria’s inflation rose by 21.83 percent in January 2023, the National Bureau of Statistics (NBS) said.
This was contained in the NBS Consumer Price Index (CPI) and Inflation Report for January 2023 released in Abuja on Wednesday.
The latest report by NBS states that the inflation figure rose by 0.47 percent when compared to the December 2022 figure of 21.34 percent.
“In January 2023, the headline inflation rate rose to 21.82% compared to December 2022 headline inflation rate which was 21.34%.
“Looking at the trend, 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%.
“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 NBS identified factors that led to the increase in the inflation price to the rising cost of Bread and cereal.
“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 report pegged the percentage change in the All-Items Index in January 2023 at 1.87%, which was 0.15% points higher than the rate recorded in December 2022 (1.71%).
It said that in January 2023, 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 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,”
