Nigeria’s Inflation Rate Rises Again, Hits 21.82% -NBS

Nigeria’s inflation has once again risen to 21.82 percent in January 2023, from it’s lower rate of 21.34 percent recorded in December 2022.

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This was contained in the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Wednesday, January 15, 2023.

NBS said, “in January 2023, the headline inflation rate rose to 21.82% compared to December 2022 headline inflation rate which was 21.34%.

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“Looking at the trend, the January 2023 inflation rate showed an increase of 0.47% points when compared to December 2022 inflation rate”, the Bureau said.

It said, “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)”, NBS said.

It said, 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, NBS said, 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 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″, the Bureau said.

According to NBS, in January 2023, food inflation on a year-on-year basis was highest in Kwara (29.03%), Lagos (27.67%), and Ondo (27.38%), while Jigawa (19.22%), Sokoto (20.80%) and Yobe (21.32%) recorded the slowest rise in year-on-year food inflation.

“On a month-on-month basis, however, January 2023 food inflation was highest in Lagos (3.67%), Ogun (3.54%), and Ekiti (3.32%), while Yobe (-0.50%), Jigawa (0.18%) and Kebbi (0.92%) recorded the slowest rise on month-on-month inflation”, it said.

Speaking on the development, an Economist,
Prof. Ken Efe said, although there was marginal increase, it would decline with time.

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