February 25, 2021

Dambela

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Inflation in Nigeria increased by 16.47% in January – NBS

2 min read

The Nigeria’s percentage change in Consumer Price Index (CPI) which measures the level of inflation in the country increased to 16.47% in January 2021.

This was revealed in data released by the National Bureau of Statistics NBS on Tuesday February 16.

While this is the highest point since April 2017, the new report also revealed that food inflation rose to 20.57 per cent in January while core inflation, which excludes the price of volatile agricultural produce stood at 11.85%.

The report reads;

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%, representing a 0.37% point increase over 13.25% recorded in December 2020.

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

It also added;

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 by 1.83% in January 2021, down by 0.22% points from 2.05% recorded in December 2020.”

Core inflation, which excludes the prices of agricultural items, stood at 11.85% in January 2021, up by 0.48% points when compared with 11.37% recorded in December 2020.

On a year-on-year basis, food inflation was highest in Kogi (26.64%), Oyo (23.69%), and River (23.49%), while Ondo (17.20%), Abuja (16.73%), and Bauchi (16.37%) recorded the slowest rise.

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