Federal finance and statistics / National Bureau of Statistics

CPI and Inflation Report January 2023

Executive Summary In January 2023, the headline inflation rate rose to 21.82% compared to December 2022 headline inflation rate which was 21.34%. Looking at the trend, the January 2023 inflation rate showed an increase of 0.47% points when compared to December 2022 inflation rate. However, on a year-on-year basis, the headline inflation rate was 6.22% points higher compared to the rate recorded in January 2022, which was 15.60%. This shows that the headline inflation rate (year-on-year basis) increased in the month of January 2023 when compared to the same month in the preceding year (i.e., Ja…