• Contact Us
  • About Us
Wednesday, February 15, 2023
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
Home Economy

Amid Tight Monetary Policy Measures, Nigeria’s Inflation Rises To 21.82% 

metro by metro
February 15, 2023
in Economy
0
Amid Tight Monetary Policy Measures, Nigeria’s Inflation Rises To 21.82% 
0
SHARES
0
VIEWS

 

Nigeria’s inflation rate resumed its uptrend in January 2023, hitting a record high of 21.82%.

This represents a 0.47% increase when compared to the 21.34% recorded in the previous month.

Read Also

CBN Provides Steps, Window For Deposit Of Old Notes In New Guidelines 

Council of State Supports Currency Swap, Wants Aggresive Implementation of Policy by CBN

Kano Govt Sues FG Over Naira Redesign

The development is in line with predictions by some analysts that inflation would continue with the upward trend.
According to Bismarck Rewane, chief executive of Financial Derivatives Company, in the current FDC Economic Bulletin said, “The headline inflation report for January will be published on February 15, 2023, and we are projecting an increase in inflation to 21.42% from 21.34% in December.
We expect core inflation to increase marginally to 18.73% from 18.49% in the previous month.”
The January figures were contained in the report released by the National Bureau of Statistics (NBS) on Wednesday.

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.

Urban inflation stood at 22.55%, showing a 6.38% increase year-on-year from January 2022. On a month-on-month basis, the urban inflation rate was 1.98% in January 2023, this was 0.17% points higher compared to December 2022 (1.80%).
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.

According to the NBS report, the increase in food inflation was mostly driven by the increase in the prices of Potatoes, Yam, and Tuber (6.06%), Vegetables (5.44%), and Meat (4.78%) amongst other products such as Fish, Fruits, Breads and Cereals.
Over twelve months ending January 2023, the average annual food inflation rate was 21.53%, higher than the previous twelve-month average of 20.94%.
Core inflation, an index which monitors the price movement of all items except farm produce, stood at 19.16%.

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%.

ALSO READ:Supreme Court Adjourns Suit On CBN Naira Swap To Feb 22 For Hearing
On a month-by-month basis, the core inflation rate was 1.82%, a 0.49% increase from December 2022’s rate.
Inflation by state: Year-on-year CPI inflation was found to be highest in Bauchi (24.7%), Ondo (24.54%), and Anambra (24.51%), while Jigawa (19.09%), Borno (19.62%), and Sokoto (19.90%) saw the lowest inflation rates across the country.

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.

On a month-to-month basis, food inflation was highest in Lagos (3.67%), Ogun (3.54%), and Ekiti (3.32%) in January 2023, while Yobe (-0.50%), Jigawa (0.18%), and Kebbi (0.92%) increased at the lowest rates.
Previous Post

Supreme Court Adjourns Suit On CBN Naira Swap To Feb 22 For Hearing

Related Posts

CBN
Economy

CBN Provides Steps, Window For Deposit Of Old Notes In New Guidelines 

February 14, 2023
Muhammadu Buhari
Economy

Council of State Supports Currency Swap, Wants Aggresive Implementation of Policy by CBN

February 14, 2023
Kano Govt Sues FG Over Naira Redesign
Economy

Kano Govt Sues FG Over Naira Redesign

February 10, 2023
Amid Growing Public Outcry Over Charges By DMBs, Zenith Changes Transaction Narration On Stamp Duty Levy
Economy

Naira Swap: Uncertainty, Confusion Reign As Hardship Continues 

February 9, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Amid Tight Monetary Policy Measures, Nigeria’s Inflation Rises To 21.82% 

Amid Tight Monetary Policy Measures, Nigeria’s Inflation Rises To 21.82% 

February 15, 2023
Supreme Court Adjourns Suit On CBN Naira Swap To Feb 22 For Hearing

Supreme Court Adjourns Suit On CBN Naira Swap To Feb 22 For Hearing

February 15, 2023
Federal High Court Reverses Ratification Of Joyce Oduah’s Suspension As NBA Secretary General

Anxiety As Supreme Court Takes Final Decision On Old Naira Notes Validity Today

February 15, 2023
ADVERTISEMENT
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version