BREAKING: Nigeria Inflation Rate Surges To 21.82% In January 2023

According to the report released by the National Bureau of Statistics (NBS), Nigeria inflation rate surges to 21.82% in January 2023.

VerseNews reports that this represents a 0.47% increase when compared to the 21.34% recorded in the previous month.

The increase in the inflation rate is as a result of the soaring food prices and a weaker naira notes.

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Prices of food, which is the most relevant in the CPI basket, recorded an upturn to 24.32% in January from 23.75% in the prior month. On a monthly basis, consumer prices surged by 1.87%, the most in almost 16 years, after a 1.71% increase in the previous month.

This have directly accelerate the prices of Food such as Oil and Fat, Bread and Cereals, Fish, Potatoes and other, Non-alcoholic Beverages, Housing, Water, Electricity, Gas & Other Fuel, Clothing, Transports etc.