EXPERTS NIGERIA Nigeria’s Inflation Beats Expectations, Spikes by 21.82% in January 1 year ago Samuel Post Views: 235 Inflation in Nigeria in January beat the expectations of analysts as it increased by 21.82 per cent, according to data released by the National Bureau of Statistics (NBS) on Wednesday. In the preceding month, the inflation rate moderated to 21.34 per cent, indicating that the figure jumped by 0.48 per cent in one month. It was also higher than the corresponding period of 2022 by 6.22 per cent from 15.60 per cent. The stats office disclosed that Nigeria’s inflation rose in the month under review due to the 21.67 per cent spike in the prices of bread and cereal; a 7.74 per cent jump in actual and imputed rent; a 6.06 per cent increase in potatoes, yam and tuber; 5.44 per cent hike in vegetable; and 4.78 per cent surge in the price of meat. Business Post reports that last month, the food inflation rate surged by 24.32 per cent on a year-on-year basis, which was 7.19 per cent higher than the rate recorded in January 2022 at 17.13 per cent. According to the NBS, the rise in food inflation was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, vegetables, fruits, meat, and food products. On a month-on-month basis, the food inflation rate in January 2023 was 2.08 per cent, this was 0.20 per cent higher than the rate recorded in December 2022 at 1.89 per cent. “This increase was attributed to an increase in the prices of some food items like oil and fat, bread and cereals, fish, potatoes, yam & tubers, etc,” – the agency stated. It was disclosed that the average annual rate of food inflation for the twelve-months ending January 2023 over the previous 12-month average was 21.53 per cent, which was a 1.44 per cent increase from the average annual rate of change recorded in January 2022 at 20.09 per cent. It was stated that on a year-on-year basis, in January 2023, the urban inflation rate was 22.55 per cent, 6.38 per cent higher than the 16.17 per cent recorded in January 2022, and on a month-on-month basis, the urban inflation rate was 1.98 per cent in January 2023, this was 0.17 per cent higher than the 1.80 per cent achieved in December 2022. Source: businesspost.ng About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: inflation, Nigeria, reports Continue Reading Previous EGT sends humanitarian help to Turkey and Syria earthquake victimsNext Nine-year jail term for woman who defrauded companies to pay gambling debt More Stories EXPERTS KENYA Child Online Protection 5 hours ago Samuel EXPERTS SOUTH AFRICA Remote Gambling Bill aims to regulate online gambling 5 hours ago Samuel BETTING NIGERIA Three more ambassadors join King Kanu at Sportsbet.io 1 day ago Szarlot EXPERTS NIGERIA The industries behind Nigeria’s economic explosion 2 days ago Samuel EXPERTS SOUTH AFRICA South African Regulator Grants Approval to 59 Crypto Platforms for Resident Services 2 days ago Samuel EXPERTS WORLD NEWS IOC and UEFA come together to protect sports betting integrity 3 days ago Szarlot EXPERTS KENYA How SiGMA’s Expansion into Kenya is Reshaping the African Gambling Landscape 3 days ago Szarlot BETTING NIGERIA How Nigerian Sport Promotes Responsible Gambling 3 days ago Szarlot BETTING NIGERIA Charting Nigeria’s online gambling growth amid regulatory battles 3 days ago Samuel BOTSWANA EXPERTS BMM Testlabs secures licenses for compliance testing in Botswana and Nigeria 3 days ago Samuel EXPERTS HOT NEWS WORLD NEWS Which Country Has The Highest Percentage Of Gamblers? 6 days ago Samuel EXPERTS SOUTH AFRICA Exploring Gambling Trends In South Africa 1 week ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.