The National Bureau of Statistics (NBS) released Nigeria’s consumer price index report for the month of January 2023, which placed Nigeria’s inflation rate at a fresh 17-year high of 21.82%, representing its highest level since September 2005.
According to the report, the two components of the headline index recorded increases compared to the previous month. Specifically, the core inflation rate stood at 19.16%, which is the highest in 16 years, while the food inflation rate was 24.32%, a 17-year high.
Indicative of the level of aggressive rise in the inflation number, Nigeria’s headline inflation has increased month over month for eleven consecutive months, with the exception of December 2022.
Meanwhile, in the recent report, Bauchi, Ondo, and Anambra States recorded the fastest rate of inflation in the review month, all outpacing the national aggregate, while Jigawa, Borno, and Sokoto recorded the lowest rates.
Inflation by region: Further analysis by Nairametrics Research showed that the South-Eastern region, made up of Abia, Anambra, Ebonyi, Enugu, and Imo State recorded the highest average inflation rate of 22.39% in January 2023, an increase from 21.37% recorded in the previous month.
- The South-West region followed with an average inflation rate of 22.17%, which was closely followed by the South-South region with an inflation rate of 22.16%.
- On the other hand, the North-West region of the country, recorded the slowest inflation rate in January at 21.24%, followed by North-Central (21.82%), and North-East with an average inflation rate of 21.24%.
States with worst inflation: Bauchi State recorded the worst inflation rate in the month of January at 24.79%, an increase from 23.79% recorded in the previous month.
- Bauchi State also recorded a food inflation rate of 24.51% in the review month.
- Ondo State followed with headline inflation of 24.54% in the month under review. Compared to the previous month, the rate increased by 2.34% points from the 22.2% recorded in December 2022.
- Anambra State also saw its inflation numbers increase by 1.38% points from 23.13% recorded in December 2022 to 24.51% in the review month.
- Others include Rivers (24.39%), Lagos (23.71%), Kogi (23.71%), Bayelsa (23.71%), Niger (23.58%), Kano (22.83%), and Adamawa (22.66%).
