Inflation rate inches up to 21.82%

Spread the love

Abuja, Feb. 15, 2023 – Nigeria’s inflation rate stood at 21.82 per cent in January 2023, a 0.47 per cent increase over the 21.34 per cent recorded in December 2022.

The National Bureau of Statistics (NBS) reported this in its latest statistics for January 2023.

The food inflation surged to 24.32% in January from 23.75% recorded in December 2022, while core inflation, which excludes the prices of volatile agricultural produce, stood at 19.16% in the review month.

The highest increases were recorded in the prices of Gas, Liquid Fuel, Passenger Transport by Air, Vehicles Spare Parts, Fuels, and Lubricants for Personal Transport Equipment, Solid Fuel, etc.

On the food index, the surge in the rate was attributed to an increase in the prices of some food items like Oil and Fat, Bread and Cereals, Fish, Potatoes, Yam and Tubers, etc.

Urban inflation stood at 22.55%, showing a 6.38% increase year-on-year from January 2022.

On a month-on-month basis, the urban inflation rate was 1.98% in January 2023, this was 0.17% points higher compared to December 2022 (1.80%). 

Rural inflation, on the other hand, was 21.13%, a 6.08% increase/decrease from the corresponding period in 2022.

On a month-on-month basis, the rural inflation rate was 1.77%, up by 0.14% points compared to December 2022 (1.63%).  (GBN)

Leave a Reply

Your email address will not be published. Required fields are marked *