BREAKING: Nigeria’s inflation hits 21.82 percent

According to the most current National Bureau of Statistics, NBS data, Nigeria’s January inflation rate increased from 21.34 percent in December to 21.82 percent in January.

When compared to the December 2022 inflation rate, the January 2023 inflation rate increased by 0.47% points.

However, the headline inflation rate was 6.22% points higher year on year compared to the rate recorded in January 2022, which was 15.60%. According to the data, the headline inflation rate (year on year) increased in January 2023 compared to the same month the previous year (i.e., January 2022).

Bread and cereal (21.67%), Actual and Imputed Rent (7.74%), Potatoes, Yam, and Tuber (6.06%), Vegetable (5.44%), and Meat (4.78%) are the products that made a class-based contribution to the increase in the headline index.

The All-Items Index experienced a percentage change from month to month of 1.87% in January 2023, which was 0.15% points higher than the rate seen in December 2022 (1.71%).

The graph shows that, on average, the general price level was 0.15 percent higher than it was in December 2022. It increased by 2.49% from the 16.87% reported in January 2022 to 19.36% for the twelve months ending in January 2023 compared to the average for the prior twelve months.