The food inflation rate in January 2023 was 24.32% on a year-on-year basis, which was 7.19% points higher compared to the rate recorded in January 2022 (17.13%).
This information was disclosed in the Consumer Price Index (CPI) data published by the national bureau of statistics.
The rise in food inflation was caused by increases in the prices of Bread and Cereals, Oil and Fat, Potatoes, Yam and Other Tubers, Fish, Vegetable, Fruits, Meat, and Food products. On a month-on-month basis, the food inflation rate in January 2023 was 2.08%, which was 0.20% points higher compared to the rate recorded in December 2022 (1.89%). This increase was attributed to increases in the prices of some food items like Oil and Fat, Bread and Cereals, Fish, Potatoes, Yam & Tubers, etc. The average annual rate of food inflation for the twelve months ending January 2023 over the previous twelve-month average was 21.53%, which was a 1.44% point increase from the average annual rate of change recorded in January 2022 at 20.09%.
In January 2023, food inflation on a year-on-year basis was highest in Kwara at 29.03%, followed by Lagos at 27.57% and Ondo at 27.38%, while Jigawa, at 19.22%, Sokoto at 20.80%, and Yobe at 21.32% recorded the slowest rise in year-on-year food inflation.
On a month-on-month basis, however, January 2023 food inflation was highest in Lagos (3.67%), Ogun (3.54%), and Ekiti (3.32%), while Yobe (-0.50%), Jigawa (0.18%), and Kebbi (0.92%) recorded the slowest rise in month-on-month inflation.
