Nigeria inflation hits 16.47% in January

16 Feb Nigeria inflation hits 16.47% in January

Nigeria’s inflation rate rose to 16.47% (year-on-year) in January 2021 as against 15.75% recorded in December 2020 according to the National Bureau of Statistics (NBS). It is the highest since April 2017. The food index rose sharply to a high 20.57% in January 2021, compared to 19.56% recorded in the previous month.

In the NBS report released this morning,  the percentage change in the average composite CPI for the twelve months period ending January 2021 over the average of the CPI for the previous twelve months period was 13.62 percent, representing a 0.37 percentage point increase over 13.25 percent recorded in December 2020.

On month-on-month basis, the Headline index increased by 1.49 percent in January 2021,  0.12 percentage points lower than the rate recorded in December 2020 (1.61 percent).

On a month-on-month basis, the urban index rose by 1.52 percent in January 2021, down by 0.13 percentage points when compared to the rate recorded in December 2020, while the rural index also rose by 1.46 percent in January 2021, down by 0.12 compared to the rate that was recorded in December 2020 (1.58 percent).

the report said the urban inflation rate increased by 17.03 percent (year-on-year) in January 2021 from 16.33 percent recorded in December 2020, while the rural inflation rate increased by 15.92 percent in January 2021 from 15.20 percent in December 2020.

NBS explained that corresponding twelve-month year-on-year average percentage change for the urban index was 14.23 percent in January 2021.

This, it said, is higher than the 13.86 percent reported in December 2020, while the corresponding rural inflation rate in January 2021 was 13.04 percent compared to 12.67 percent recorded in December 2020.

On All Item Index, the Bureau said “the composite food index rose by 20.57percent in January 2021 compared to 19.56 percent in December 2020.

“This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils and Fats.

“On month-on-month basis, the food sub-index increased by1.83 percent in January 2021, down by 0.22percent points from 2. 05 percent recorded in December 2020.

The average annual rate of change of the Food sub-index for the twelve-month period ending January 2021 over the previous twelve-month average was16.66 percent,0.49 percent points higher than the average annual rate of change recorded in December 2020 (16.17percent).”