Nigeria’s headline inflation rose to 21.82% in January, 2023, after dropping to 21.34% in December, 2022.
According to the National Bureau of Statistics (NBS) inflation was due to disruption in the supply of food products, increases in import cost due to the naira’s depreciation and a general increase in the cost of production.
The NBS report states that “in January, 2023, the headline inflation rate rose to 21.82%, compared to December, 2022, headline inflation rate which was 21.34%.
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“Looking at the trend, the January, 2023, inflation rate showed an increase of 0.47% points when compared to December, 2022, inflation rate.
“This shows that the headline inflation rate year-on-year increased in January, 2023, when compared to the same month in the preceding year.
NBS listed items that contributed to the high cost of living as bread and cereal, potatoes, yam and tuber (6.06%), vegetable (5.44%), and meat (4.7%).
