Nigeria’s headline inflation rose to 21.82% year-on-year (y/y) in January, a 0.47% increase compared to the 21. 34% rate in December 2022, according to the latest Consumer Price Index (CPI) released yesterday by the National Bureau of Statistics (NBS).
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 shows that the headline inflation rate (y/y) increased in the month of January, the report said.
NBS attributed the inflation to higher prices of Bread and Cereal (21.67%), Actual and Imputed Rent (7.74%), Potatoes, Yam and Tuber (6.06%), Vegetables (5.44%), and Meat (4.78%).
“On a month-on-month basis, the percentage change in the All-Items Index in January 2023 was 1.87%, which was 0.15% points higher than the rate recorded in December 2022 (1.71%). This means that in the month of January 2023, on average, the general price level was 0.15% higher relative to December 2022.
“The percentage change in the average CPI for the 12 months period ending January 2023 over the average of the CPI for the previous 12 months period was 19.36%, showing a 2.49% increase compared to 16.87% recorded in January 2022.
“The increases were recorded in all COICOP divisions that yielded the headline index.”
Prices for gas, liquid fuel, airfare, vehicle spare parts, fuels and lubricants for personal transport equipment, solid fuel, and other items also increased the most in January according to the report.
On a year-on-year basis, in January 2023, the urban inflation rate was 22.55% or 6.38% higher compared to the 16.17% recorded in January 2022. On a month-on-month basis, the urban inflation rate was 1.98% in January 2023, this was 0.17% higher compared to December 2022 (1.80%).
Prices for gas, liquid fuel, airfare, vehicle spare parts, fuels and lubricants for personal transport equipment, solid fuel, and other items also increased the most in January.
The corresponding 12-months average for the urban inflation rate was 19.91% in January and 2.48% higher than the 17.44% reported a year ago.
Similarly, the rural inflation rate in January was 21.13% y/y and 6.08% higher compared to the 15.06% recorded in January 2022. On a month-on-month basis, the rural inflation rate in January 2023 was 1.77%, up by 0.14% points compared to December 2022 (1.63%).
The corresponding 12 months average for the rural inflation rate in January 2023 was 18.84%, 2.53% above the 16.31% recorded in January 2022.
“In January 2023, all items inflation rate on a year-on-year basis was highest in Bauchi (24.79%), Ondo (24.54%), Anambra (24.51%), while Jigawa (19.09%), Borno (19.62%), and Sokoto (19.90%) recorded the slowest rise in headline year-on-year inflation.
“On a month-on-month basis, however, January 2023 recorded the highest increases in Lagos (2.91%), Taraba (2.84%), Ondo (2.68%), while Yobe (0.54%), Jigawa (0.73%) and Oyo (0.87%) recorded the slowest rise on month-on-month inflation,” the CPI report said.
