The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rate for the month of January this year peaked at 16.47 percent.
The NBS said on Tuesday in Abuja that consumer price index for January was 0.71 percent points higher than the rate of 15.75 percent recorded in December 2020.
The monthly report explained that increases were recorded in all COICOP divisions that yielded the Headline index.
According to the report, 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. This is 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 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,” the NBS said.
The NBS said that the composite food index rose by 20.57 percent in January 2021 compared to 19.56 percent in December 2020.
It explained that the 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 percent in January 2021, down by 0.22 percent 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 was 16.66 percent, 0.49 percent points higher than the average annual rate of change recorded in December 2020 (16.17 percent).
“The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.85 percent in January 2021, up by 0.48 percent when compared with 11.37 percent recorded in December 2020,” the report added.
GIK/APA