Nigeria’s Inflation Rate Jumps to 21.82% in January
Business Africa Digest- Nigeria’s Inflation spiked again in January, hitting 21.82% in annual terms, driven by higher food inflation, the National Bureau of statistics(NBS) said on Wednesday.
Inflation had risen in Africa’s biggest economy for 10 straight months, prompting a string of interest rate hikes from the central bank, before a dip to 21.34% in December.
Food inflation, which accounts for the bulk of Nigeria’s inflation basket, rose to 24.32% in January from 23.75% in December.
Over twelve months ending January 2023, the average annual food inflation rate was 21.53%, higher than the previous twelve-month average of 20.94%.
Core inflation, an index which monitors the price movement of all items except farm produce, stood at 19.16%
