BY NKECHI NAECHE-ESEZOBOR–Nigeria’s Inflation rate rose from 21.34 percent in December, 2022 to 21.82 per cent on a year-on-year basis in January 2023.
According to statement released on Wednesday by the National Bureau of Statistics (NBS) in Abuja, that the figure is 6.22 per cent points higher against 15.60 per cent recorded in January 2022.
The statement however 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%,” the report read.
This indicate 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.”
