After December’s drop, Nigeria’s inflation rose to 21.82% in January
Nigeria’s headline inflation resumed its upward trend, climbing to 21.82 per cent in January after recording a considerable decline in December 2022.
The upsurge returns just as the scarcity of the recoloured naira, continues to force Nigerians to purchase cash from point-of-sale operators at exorbitant rates.
Inflation rose by 0.47 per cent to 21.82 per cent in January as against the 21.34 per cent recorded in December, the National Bureau of Statistics announced Wednesday.
“Headline inflation for January 2023 was 21.82 per cent from 21.34 per cent in December 2022,” the report partly read.
While core inflation, which excludes the costs of volatile agricultural produce, stood at 19.16 per cent in January as against the 18.49 per cent recorded in the previous month, food inflation increased from 23.75 per cent in December 2022 to 24.32 per cent in January.
Prices for gas, liquid fuel, airfare, vehicle spare parts, fuels and lubricants for personal transport equipment, solid fuel, and other items increased the most in January according to the NBS inflation report
The increase in the food index rate was tied to an increase in the prices of certain food items such as oil and fat, bread and cereals, fish, potatoes, yams and tubers, and so on.
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