BusinessTrending Story

Nigeria’s inflation shoots up to 21.82 per cent

648

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.

Leave a comment

Related Articles

Breaking: Tinubu Renames University of Maiduguri Muhammadu Buhari University

President Bola Tinubu has announced the renaming of the University of Maiduguri...

Nigeria’s Inflation Rate Declines for Third Consecutive Month to 22.22% in June 2025

Nigeria’s headline inflation rate has eased for the third consecutive month, declining...

UBA Seeks to Raise N157bln through Rights Issue

United Bank for Africa Plc has announced plans to raise over N157...

FirstBank Partners UN Global Compact to Unlock Capital for Sustainable Development

FirstBank, the premier financial institution in West Africa and a key provider...

UBA Celebrates Decade of Digital Innovation with VERiCASH, Rewards Loyal Customers

Africa’s Global Bank, United Bank for Africa (UBA) Plc, is celebrating a...

UBA Enables International Transactions on Naira Cards

United Bank for Africa (UBA) has announced the resumption of international transactions...

FirstBank Unveils Advanced Facial Biometric Technology on FirstMobile

FirstBank, the West Africa premier financial institution and financial inclusion services provider...

Nigeria Ramps Up $16bln Investment Drive in Oil and Gas Sector

By Joycelyn Ellakeche Adah The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has...

Nigeria’s Inflation Rate Edges Down to 22.97% – NBS 

Nigeria’s inflation rate saw a slight dip in May 2025, reaching 22.97%...

World Bank: Global Economy Slumps to Weakest Performance in Years, Excluding Recessions

The World Bank’s latest Global Economic Prospects report has warned that global...

NCC New Rule: Bank Customers to Pay USSD Charges Using Airtime

The Nigerian Communications Commission (NCC) has mandated that Deposit Money Banks (DMBs)...

FirstBank Achieves New Feat: N1Bln Disbursed in One Day Through Agent Credit Scheme

By Tosin Ajayi In a significant milestone by the nation’s pioneer financial...

FirstBank’s Temporary Overdraft Product Boosts Businesses, Secures Retail Dominance

By Tosin Ajayi As a strategic lifeline to empower businesses with swift,...

#NoNoiseJustSigns: Access Bank Unveils DiamondXtra Season 17, To reward Customers with over N200m

Access Bank has kicked off the 17th season of its DiamondXtra flagship...

I took risks, pushed boundaries to sustain my brand for 20 years – Mercy Aigbe

Mercy Aigbe has taken a moment to celebrate her journey in the...

Tony Elumelu Receives Gabonese Presidential Honour for Africa’s Economic Development 

President of the Republic of Gabon Brice Clotaire Oligui Nguema, has conferred...

WTO’s Okonjo-Iweala Calls on Africa to Boost Intra-Regional Trade Amid US Tariffs

Faced with broad tariffs declared by the United States on African goods,...

US Dollar Climbs to N1,605 as Naira Weakens

The Nigerian naira has continued its depreciation against the US dollar at...

Just in: Inflation rises to 24.23% in March 2025

Nigeria’s headline inflation rate has increased to 24.23% in March 2025, up...

Transcorp’s Market Value Surges to N4.5trn – Tony Elumelu

Transcorp Group, a leading conglomerate in Nigeria, says its listed entities now...