January’s inflation rate is a 0.48 per cent point increase from the 21.34 per cent that was recorded in December 2022. Prior to December, Nigeria’s inflation rate had been rising consistently for 11 months. In its ‘Consumer Price Index’ for January 2023, the national statistics body said, “In January 2023, the headline inflation rate rose to 21.82 per cent compared to December 2022 headline inflation rate which was 21.34 per cent. “Looking at the trend, the January 2023 inflation rate showed an increase of 0.47 per cent points when compared to December 2022 inflation rate. According to the CBN, its naira redesign policy will help control inflation.

Source: Punch February 15, 2023 22:44 UTC