Prices Of Bread, Cereals Push Inflation To 21.82%

The headline inflation rate rose to 21.82  per cent in January 2023, compared to December 2022 headline inflation rate which was 21.34 per cent, with  prices of bread and cereals recording the highest inflation rates.

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

However, on a year-on-year basis, the headline inflation rate was 6.22 percent points higher compared to the rate recorded in January 2022, which was 15.60 per cent.

The new NBS figure shows that 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 per cent), Actual and Imputed Rent (7.74 per cent), Potatoes, Yam and Tuber (6.06 per cent), Vegetable (5.44 per cent), and Meat (4.78 per cent).

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

This means that in the month of January 2023, on average, the general price level was 0.15 per cent higher relative to December 2022.

The percentage change in the average CPI for the twelve months period ending January 2023 over the average of the CPI for the previous twelve months period was 19.36 per cent, showing a 2.49 per cent increase compared to 16.87 per cent recorded in January 2022.