The National Bureau of Statistics, NBS, has announced that the headline inflation increased to 21.82 per cent in January 2023.
The inflation rate indicated an increase of 0.47% points when compared to December 2022 inflation rate.
On a year-on-year basis, the headline inflation rate was 6.22 per cent points higher compared to the rate recorded in January 2022, which was 15.60 per cent.
The headline inflation rate (year-on-year basis) increased in the month of January 2023 when compared to the same month in the preceding year (i.e., January 2022).
The contributions of items on a class basis to the increase in the headline index are: bread and cereal (21.67%), actual and imputed rent (7.74%), potatoes, yam and tuber (6.06%), vegetable (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% points higher than the rate recorded in December 2022 (1.71%).
This means that in the month of January 2023, on average, the general price level was 0.15% higher relative to December 2022. The percentage change in the average CPI for the 12 months period ending January 2023 over the average of the CPI for the previous 12 months period was 19.36%, showing a 2.49% increase compared to 16.87% recorded in January 2022.
