According to the most recent data from the National Bureau of Statistics, the inflation rate in Nigeria rose from 21.

When compared to the inflation rate in December 2022, the inflation rate in January 2023 increased by 0.47% points.

The headline inflation rate was, however, 6.22% points higher on an annual basis than the rate, which was 15.60% in January 2022. The information demonstrated that, when compared to the same month the year before (January 2022) the headline inflation rate rose in 2023.

Bread and cereal (21.67%), actual and alleged rent (7.34%), potatoes, yams, and tubers (6.06%), vegetables (5.44%), and meat (4.78%) are the classes of goods that are responsible for the increase in the headline index.

On a month-on-month basis, the percentage change in the All-Items Index in January 2023 was 1.87%, which was 0.15% points higher than the rate recorded in December 2022 (1.71%).

According to the figure, on average, the general 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 for the previous twelve months was 19.36%, showing a 2.49% increase compared to the 16.87% recorded in January 2022.