Nigeria’s inflation soared to 21.82% in January 2023 amid the redesign of the naira by the Central Bank of Nigeria.
This information was disclosed by the National Bureau of Statistics.
January’s inflation rate had a 0.48% point increase from the 21.34% that was recorded in December 2022. “This shows that the headline inflation rate (year-on-year basis) increased in the month of January 2023 when compared to the same month in the preceding year.
In its “Consumer Price Index’ for January 2023, the national statistics body said, “In January 2023, the headline inflation rate rose to 21.82% compared to the December 2022 headline inflation rate, which was 21.34 %.
“Looking at the trend, the January 2023 inflation rate showed an increase of 0.47% points when compared to the December 2022 inflation rate.” However, 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%.
This is a new 17-year high after inflation fell for the first time in December 2022. Prior to December, Nigeria’s inflation rate had been rising consistently for 11 months.
RateCaptain believes the disruptions in the supply of food products, increases in transport costs due to fuel scarcity, and a general increase in the cost of production as the causes of the rise in inflation.
