According to the most recent National Bureau of Statistics report, the headline inflation rate in January 2023 increased to 21.82% from 21.34% in December 2022.
When compared to the December 2022 inflation rate, the January 2023 inflation rate increased by 0.47% points. However, the headline inflation rate was 6.22% points higher year on year compared to the rate recorded in January 2022, which was 15.60%.
This indicates that the headline inflation rate (year on year) increased in January 2023 when compared to the same month the previous year (i.e., January 2022).
Bread and cereal (21.67%), Actual and Imputed Rent (7.74%), Potatoes, Yam and Tuber (6.06%), Vegetable (5.44%), and Meat (4.78%) all contributed to the increase in the headline index. The percentage change in the All-Items Index month over month
The index in January 2023 was 1.87%, 0.15% higher than the rate in December 2022 (1.71%). This means that, on average, the general price level in January 2023 was 0.15% higher than in December 2022.
The percentage change in the average CPI for the twelve months ending January 2023 over the previous twelve months period was 19.36%, representing a 2.49% increase over the 16.87% recorded in January 2022.
