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Nigeria Inflation January 2023

Nigeria: Inflation accelerates more than expected in January to near two-decade high

Inflation accelerated to 21.8% in January, up from December’s 21.3%, way above the upper bound of the Central Bank’s 6.0–9.0% target band. January’s result, which surprised markets on the upside, marked the highest inflation rate since September 2005. Looking at the details of the release, January’s uptick was largely driven by stronger price increases for food and beverages—largely bread and cereals. Similarly, prices for housing and utilities also rose at a brisker pace. These more than offset prices for textiles increasing at a marginally softer rate in January.

Consequently, the trend pointed up, with annual average inflation rising to 19.4% in January (December: 18.8%). Similarly, core inflation also rose, coming in at 19.2% in January from December’s 18.5%.

Lastly, consumer prices rose 1.87% over the previous month in January, a sharper increase than December’s 1.71%.

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