• About Us
  • Home
Saturday, March 25, 2023
Shaka Momodu
  • Right Of Reply
  • News
  • Politics
  • Business
  • OpEds
  • Sports
No Result
View All Result
  • Right Of Reply
  • News
  • Politics
  • Business
  • OpEds
  • Sports
No Result
View All Result
Shaka Momodu
Home Business

Nigeria Records 21.82% Spike in Inflation -National Bureau of Statistics

by News Reporters
1 month ago
in Business, News
0 0
0
Nigeria Records 21.82% Spike in Inflation -National Bureau of Statistics
Share on FacebookShare on Twitter

According to the National Bureau of Statistics, Nigeria’s composite price index (CPI), which monitors inflation, increased to 21.82% in January 2023.

This comes amid a naira shortage caused by the Central Bank of Nigeria’s currency reform strategy.

The January inflation rate is 0.48 percentage points higher than the December inflation rate of 21.34 per cent.

This is a new 17-year high after the first decline in inflation occurred in December 2022. Prior to December, Nigeria’s inflation rate had risen steadily for eleven consecutive months.

In 2022, the NBS attributed the spike in inflation to disruptions in the supply of food supplies, increases in import costs due to the naira’s depreciation, and an overall increase in the cost of manufacturing.

In its ‘Consumer Price Index’ for January 2023, the national statistics organization stated, “In January 2023, the headline inflation rate increased to 21.82 percent from December 2022’s headline inflation rate of 21.34 percent.”

“Based on the pattern, the January 2023 inflation rate was 0.47 percentage points higher than the December 2022 inflation rate. On an annualized basis, however, the headline inflation rate was 6.22 percentage points greater than the rate reported in January 2022, which was 15.60 percentage points.

This indicates that the headline inflation rate (year-over-year) increased in January 2023 compared to the same month the previous year (i.e., January 2022).

According to the National Bureau of Statistics, there have been increases in the prices of bread and cereal, actual and assumed rent, potatoes, yam and tubers, vegetables, and meat.

According to the CBN, the redesigned naira would aid in containing inflation. Recently, the CBN Acting Branch Controller in Ondo State, Mr. Giwa Ademola, stated, “The benefits of the currency redesign to the Nigerian economy are enormous, as this policy will help to control inflation by bringing hoarded currency into the banking system, thereby making monetary policy more effective.

We will have far more accurate statistics on money supply and monetary aggregates, which will aid in the design and implementation of monetary policy.

Previous Post

Why Federal High Court Ruled to Deprive Nigerians in diaspora Their Right to Vote

Next Post

Redesigned Aimed to Diminished the Power of Money in Nigeria’s politics -Buhari

Next Post
Redesigned Aimed to Diminished the Power of Money in Nigeria’s politics -Buhari

Redesigned Aimed to Diminished the Power of Money in Nigeria's politics -Buhari

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEWS AROUND

  • Banks Comply with CBN’s Directive to Work Weekends, Customers Throng Premises

      By Ginika Okoye Banks in  satellite towns of […]

  • Osun Poll: History Won’t Forget Appeal Court Justices, Says Timi Frank

    By Seyi Babalola A former Deputy National […]

  • Appeal Court Dismisses PDP Suit against Tinubu, Shettima over Alleged Double Nomination

    By Taiye Agbaje  The Court of Appeal, Abuja, […]

  • I’m Eager to Handover to Tinubu on May 29, Says Buhari

    By Ismaila Chafe The Presidency says President […]

  • OPINION | Obidient Movement May Push Nigeria into Crisis, By Fredrick Nwabufo

    I had expected the Obidient movement to abandon […]

  • Tribunal: PDP Accuses INEC of Frustrating Procedure for CTC Issuance

    By Ogochukwu Isioma The Peoples Democratic Party […]

  • Cash Crunch: Commercial Banks Open Today, Sunday as CBN Drops Billions for Customers

    By Seyi Babalola The Central Bank of Nigeria […]

  • Enugu Polls: We’ll meet at the Tribunal, PDP tells Nweke, Edeoga

    The people of Enugu State rose above clan, […]

  • Alleged planned suspension: Court adjourns Rivers governor-elect’s suit against PDP for judgment

    A Federal High Court (FHC), Abuja, on Friday, […]

  • Osun: Lagos PDP congratulates Gov. Adeleke, wants justice in party’s court cases

    The Lagos State Chapter of the Peoples Democratic […]

  • About Us
  • Home

© 2022 THIS REPUBLIC By Shaka Momodu

No Result
View All Result
  • Right Of Reply
  • News
  • Politics
  • Business
  • OpEds
  • Sports

© 2022 THIS REPUBLIC By Shaka Momodu

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version