Nigeria’s headline inflation rate rose to 21.82 percent in January 2023 after slowing down in December for the first time in 11 months, new data released on Wednesday show.
The inflation rate had eased to 21.34 percent in December from 21.47 percent in the previous month.
“Looking at the trend, the January 2023 inflation rate showed an increase of 0.47 percent points when compared to December 2022 inflation rate,” the National Bureau of Statistics (NBS) said.
The NBS said the headline inflation rate for last month is 6.22 percent points higher compared to the 15.60 percent recorded in January 2022.
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“The contributions of items on a class basis to the increase in the headline index are: bread and cereal (21.67 percent), actual and imputed rent (7.74 percent), potatoes, yam and tuber (6.06 percent), vegetable (5.44 percent), and meat (4.78 percent),” it said.
The food inflation rate in January was 24.32 percent, up from 23.75 percent in the previous month and 17.13 percent in January 2022.
The statistics bureau said the rise in food inflation was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, vegetable, fruits, meat, and food products.
