By CLEMENT NWOJI, Abuja
The National Bureau of Statistics (NBS) has announced increase in inflationary trend to 21.82 percent in January, 2023, showing an increase of 0.47 percent higher than that of December, 2022 which was 21.34 percent.
On year-on-year basis, the inflation also increased by 6.22 percent when compared to 15.60 percent recorded in January, 2022.
According to statistics released Wednesday by the Statistician General of the Federation, Prince Semiu Adeyemi Adeniran, the January inflation was pushed by the rise in prices of Bread and Cereal 21.67%, Actual and imputed rent 7.74%, Potatoes, Yam and Tubers 6.06%, Vegetables 5.44%, and Meat 4.78%.
He said, “On a month-on-month basis, the percentage change in the All-Items Index in January 2023 was 1.87%, which was 0.15% higher than the rate recorded in December 2022 (1.71%).”
Adeniran further explained that this means that in January 2023, the general average price level was 0.15% higher relative to December 2022.
Also, the percentage change in the average CPI for the twelve months ending January 2023 over the average of the CPI for the previous twelve months was 19.36%, showing a 2.49% increase compared to the 16.87% recorded in January 2022.
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.
In the analyses of the states’ profiles,
the all-item index for January 2023, on a year-on-year basis was highest in Bauchi (24.79%), Ondo (24.54%), Anambra (24.51%), while Jigawa (19.09%), Borno (19.62%) and Sokoto (19.90%) recorded the slowest rise in headline year-on-year inflation.
On a month-on-month basis, however, January 2023 recorded the highest increases in Lagos (2.91%), Taraba (2.84%), Ondo (2.68%), while Yobe (0.54%), Jigawa (0.73%) and Oyo (0.87%) recorded the slowest rise on month-on-month inflation.
In the Assessment of the food sub-index at the states level in January 2023, the food inflation rate on a year-on-year basis was highest in Kwara (29.03%), Lagos (27.67%) and Ondo (27.38%), while Jigawa (19.22%), Sokoto (20.80%) and Yobe (21.32%) recorded the slowest rise in year-on-year food inflation.
On the other hand, the month-on-month food inflation in January 2023 was highest in Lagos (3.67%), Ogun (3.54%) and Ekiti (3.32%), while Yobe (-0.50%), Jigawa (0.18%) and Kebbi (0.92%) recorded the slowest rise on month-on-month inflation.
News5 days ago
Business News1 week ago
News1 week ago