After falling to 21.34 percent in December 2022, headline inflation in Nigeria increased to 21.82 percent in January 2023.The National Bureau of Statistics (NBS) claimed in a study that the hike was brought on by a disruption in the supply of food items, higher import costs as a result of the naira’s devaluation, and an overall increase in the cost of production.
The headline inflation rate increased to 21.82 percent in January 2023 from 21.34 percent in December 2022, according to the statement.This demonstrates that when compared to the same month the year before, the headline inflation rate increased in January 2023.
The NBS highlighted the following products as contributing to the high inflation: bread and cereal (21.67%), actual and imputed rent (7.74%), potatoes, yams, and tubers (6.06%), vegetables (5.44%), and meat (5.44%). (4.78 per cent). The All-Items Index changed by 1.87 percent on a monthly basis in January 2023, which was 0.15 percentage points more than the rate seen in December 2022. (1.71 per cent).
The largest price increases were noted in gas, liquid fuel, air travel for passengers, car replacement parts, fuels, and lubricants, according to the report on “all items less farm produce” or “core inflation.”According to the NBS, urban inflation in January 2022 was 16.17 percent, and in January 2022 it was 22.55 percent, which is a 6.38 percentage point increase.”The urban inflation rate was 1.98 percent on a month-over-month basis in January 2023, which was 0.17 percent points higher than December 2022. (1.80 per cent).On the other hand, each year, rural inflation jumped to 21.13 percent.
Comparing this to the 15.06 percent recorded in January 2022, this was 6.08 percentage points higher. The rural inflation rate in January 2023 was 1.77 percent, up 0.14 percent from December 2022 on a monthly basis (1.63 per cent).
