Nigeria’s inflation rate resumed its upward trend in January 2023, reaching an all-time high of 21.82%.
This is an increase of 0.47% compared to 21.34% recorded in the previous month.
This is according to the recent report published by the National Bureau of Statistics (NBS).
Food inflation rose to 24.32% in January from 23.75% in December 2022, while core inflation, which excludes volatile agricultural commodity prices, stood at 19.16% the month under review compared to 18.49%.
It should be noted that the highest increases have been recorded in the prices of Gas, Liquid Fuel, Passenger Air Transport, Vehicle Spare Parts, Fuels and Lubricants for Personal Transport Equipment, Solid Fuel, etc.
Meanwhile, in terms of the food index, the increase in the rate was attributed to the increase in the prices of some foods such as oil and fats, bread and cereals, fish, potato, yams and tubers etc.
More details coming soon…
