BREAKING: Nigeria’s inflation rises by 47bps in January to 21.82%

The National Bureau of Statistics (NBS) on Wednesday disclosed that Nigeria’s headline inflation advanced by 47 basis points in January 2023 to 21.82per cent from 21.34 per cent reported in December 2022.

According to the report, food inflation increased to its highest level since October 2005 (24.56per cent), rising by 56 basis points to 24.32per cent from 23.75per cent in December 2022.

The report said the rise in food inflation was triggered by higher prices of bread and cereal, oil and fat, potatoes, yam and other tubers, fish, vegetables, fruits, meat, and food products.

As a result, on a month-on-month basis, food inflation increased by 2.08per cent, relative to the 1.89per cent m/m recorded in the previous month.

Similarly, the core inflation rose by 66bps to 19.16per cent from 18.49 per cent in December– its highest since January 2007 (19.34 per cent).

The report added: “Pressures were most significant in prices of gas, liquid fuel, passenger transport by air, vehicles spare parts, fuels, and lubricants for personal transport equipment, solid fuel, etc. Compared to the previous month, the core index advanced by 49bps to 1.82per cent m/m in January 2023.”