This represents a 0.47% increase when compared to the 21.34% recorded in the previous month.
The new increase in the country’s inflation comes amid the uncertainties being faced by Nigerians due to the scarcity of the redesigned Naira notes.
Also, the food inflation surged to 24.32% in January from 23.75% recorded in December 2022, while core inflation, which excludes the prices of volatile agricultural produce stood at 19.16% in the review month compared to 18.49%.
Notably, the highest increases were recorded in prices of Gas, Liquid Fuel, Passenger Transport by Air, Vehicles Spare Parts, Fuels, and Lubricants for Personal Transport Equipment, Solid Fuel, etc.
Meanwhile, in terms of the food index, the surge in the rate was attributed to an increase in the prices of some food items like Oil and Fat, Bread and Cereals, Fish, Potatoes, Yam & Tubers, etc.
Rural inflation, on the other hand, was 21.13%, a 6.08% increase/decrease from the corresponding period in 2022. On a month-on-month basis, the rural inflation rate was 1.77%, up by 0.14% points compared to December 2022 (1.63%).
Food inflation, a compound index which monitors the movement in food prices across the nation, rose to 24.32%.
Compared to the previous month’s figure of 23.75%, the rate saw an increase of 12.30 basis points while when compared year-on-year from January 2022, food inflation increased by 7.19% points.
This was an increase from the 18.49% rate of December 2022, while when compared year-on-year from January 2022, core inflation rose by 5.29%.
On a month-by-month basis, the core inflation rate was 1.82%, a 0.49% increase from December 2022’s rate.
On a month-to-month basis, Lagos (2.91%), Taraba (2.84%), and Ondo (2.68%) saw the highest rates of increase in headline inflation while Yobe (0.54%), Jigawa (0.73%), and Oyo (0.87%) recorded the lowest.
With respect to food inflation, Kwara (29.03%), (27.67%), and Ondo (27.38%), recorded the highest rates of increase year-on-year, while Jigawa (19.22%), Sokoto (20.80%), and Yobe (21.32%) saw the lowest rates.
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