The National Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate for January 2023 rose to 0.47% points
The Consumer Price Index, CPI, which was released yesterday by the Statistician-General, indicates 21.82% compared to December 2022 headline inflation which was 21.34%.
National Bureau of Statistics, reveals that 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%).
On a month-on-month basis, the percentage change in the All-Items Index in January 2023 was 1.87%, which is 0.15% higher than the rate recorded in December 2022 (1.71%). This means that in January 2023, the general average price level was 0.15% higher relative to December 2022.
The statement added that 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, and meat.