The National Bureau of Statistics (NBS) in a report released on Wednesday stated that Nigeria’s inflation rate has risen to 21.82 percent in January 2023 from the previous rate of 21.34 percent that was recorded in December 2022. According to the NBS, “Looking at the trend, the January 2023 inflation rate showed an increase of 0.47 percent points when compared to December 2022 inflation rate.
“However, on a year-on-year basis, the headline inflation rate was 6.22 percent points higher compared to the rate recorded in January 2022, which was 15.60 percent.
“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).
“On a month-on-month basis, the percentage change in the all-items index in January 2023 was 1.87 percent, which was 0.15 percent points higher than the rate recorded in December 2022 (1.71 percent).”
The NBS report also stated that food inflation rose to 24.32 percent in January 2023 on a year-on-year basis, indicating a 7.19 percent point increase compared to 17.13 percent recorded in January 2022.
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