Life was tougher and more brutish for Nigerians last month, because contrary to expectations that the annual inflation rate in Nigeria will peak at 21.3%, it actually rose to 21.82 percent in January 2023 from 21.34 percent in December 2022.
This is the highest inflation stat since September 2005, more that 17 years ago.
However, bets are on as to what February holds in store with the scarcity of fuel at filling stations and the unprecedented cash crunch that hit and is heating up the system, amid assurances that it will force down inflation, though Nigerians are going through one of the most painful months in decades.
“Looking at the trend, the January 2023 inflation rate showed an increase of 0.47 percent points when compared to December 2022 inflation rate,” the National Bureau of Statistics (NBS) said.
Statistician General of the Federation, Prince Semiu Adeyemi Adeniran, who signed off on the stats said 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%.
“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%).”
According to him, in January 2023, the general average price level was 0.15% higher relative to December 2022.
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