From Isaac Anumihe, Abuja
The rising inflationary trend which nosedived to 21.34 per cent in December, last year, has picked up again in January 2023 to 21.82 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).
The contributions of items on a class basis to the increase in the headline index are bread and cereal (21.67 per cent), actual and imputed rent (7.74 per cent), potatoes, yam and tuber (6.06 per cent), vegetable (5.44 per cent), and meat (4.78 per cent).
“On a month-on-month basis, the percentage change in the all-Items index in January 2023 was 1.87 per cent, which was 0.15 per cent points higher than the rate recorded in December 2022 (1.71 per cent). This means that in the month of January 2023, on average, the general price level was 0.15 per cent higher relative to December 2022. The percentage change in the average CPI (consumer price index) for the twelve months period ending January 2023 over the average of the CPI for the previous twelve months period was 19.36 per cent, showing a 2.49 per cent increase compared to 16.87 per cent recorded in January 2022” the statement obtained from the website of National Bureau of Statistics (NBS), said.
According to the statement, the urban inflation on a year-on-year basis, in January 2023, was 22.55 per cent. This was 6.38 per cent
points higher compared to the 16.17 per cent recorded in January 2022. On a month-on-month basis, the urban inflation rate was 1.98 per cent in January 2023. This was 0.17 per cent of points higher compared to December 2022 (1.80 per cent). The corresponding twelve-months average for the urban inflation rate was 19.91 per cent in January 2023.
“This was 2.48 per cent points higher compared to the 17.44 per cent reported in January 2022” NBS said, adding that the rural inflation rate in January 2023 was 21.13 per cent on a year-on-year basis; this was 6.08 per cent points higher compared to the 15.06 per cent recorded in January 2022. On a month-on-month basis, the rural inflation rate in January 2023 was 1.77 per cent, up by 0.14 per cent points compared to December 2022 (1.63 per cent). The corresponding twelve-months average for the rural inflation rate in January 2023 was 18.84 per cent. This was 2.53 per cent points higher compared to the 16.31 per cent recorded in
January 2022.
Meanwhile, food inflation rate in January 2023 was 24.32 per cent on a year-on-year basis; which was 7.19 per cent points higher compared to the rate recorded in January 2022 (17.13 per cent). The rise in food inflation was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, vegetable, fruits, meat, and food products.
“On a month-on-month basis, the food inflation rate in January 2023 was 2.08 per cent. This was 0.20 per cent points higher compared to the rate recorded in December 2022 (1.89 per cent). This increase was attributed to increase in the prices of some food items like oil and fat, bread and cereals, fish, potatoes, yam & tubers, etc. “The average annual rate of food inflation for the twelve months ending January 2023 over the previous twelve-months average was 21.53 per cent which was a 1.44 per cent points increase from the average annual rate of change recorded in January 2022 (20.09 per cent)” the statement added.