Nigeria’s inflation shoots up to 21.82 per cent

The National Bureau of Statistics (NBS) disclosed today that Nigeria inflation has soared up to 21.82 per cent as at January 2023 compared to December 2022 when it stood at 21.34 per cent, signifying a significant rise of 0.48 per cent.

With the current cash crunch hitting really hard on Nigerians due to the monetary policy of the Central Bank of Nigeria (CBN) aimed at reducing inflation amongst other things, Nigeria is currently experiencing the highest inflation rate since September 2005.

In 2022, NBS highlighted that on a year-on-year basis, the headline inflation rate was 6.22 per cent points higher, compared to the rate recorded in January 2022, which was 15.60 per cent.

Soaring food prices and a weak currency are a major cause for the increase.

“In January 2023, the headline inflation rate rose to 21.82 per cent compared to December 2022 headline inflation rate which was 21.34 per cent.

“Looking at the trend, the January 2023 inflation rate showed an increase of 0.47 per cent points when compared to December 2022 inflation rate.

“However, on a year-on-year basis, the headline inflation rate was 6.22 per cent points higher compared to the rate recorded in January 2022, which was 15.60 per cent.

“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 (i.e., January 2022),” Persecondnews quotes NBS as saying.