Nigeria’s Inflation Rate Surges To 21.82% Triggered By Naira Scarcity

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

According to new data released by the National Bureau of Statistics (NBS), the January 2023 inflation rate showed an increase of 0.47% points when compared to December 2022 inflation rate.

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This is according to the recent report released by the National Bureau of Statistics (NBS).

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.

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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.

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