Just In: Nigeria’s inflation surges to 16.5% as food prices soar

Just In: Nigeria's inflation surges to 16.5% as food prices soar

The nation’s inflation rose by 0.71 percent to standing at 16.5 percent in January from 15.8 percent in December 2020.

This represents the 17th monthly rise in inflation since September 2019 where it stood at 11.24 percent.

Inflation is a general rise in the price level in an economy over a period of time.

According to the National Bureau of Statistics, Cosumers’ Price Index Report for January 2021 released today, food inflation also rose by 1.01 percentage points to 20.57 per cent in January from 19.6 percent in December last year.

“The consumer price index, (CPI) which measures inflation increased by 16.47 percent (year-on-year) in January 2021. This is 0.71 percent points higher than the rate recorded in December 2020 (15.75
percent).Increases were recorded in all COICOP divisions that yielded the Headline index.

“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),” the report stated.

On food inflation, the report noted that,  “The composite food index rose by 20.57 percent 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 by 1.83 percent in January 2021, down by 0.22 percent points from 2.05 percent recorded in December 2020.

“In January 2021, all items inflation on year on year basis was highest in Kogi (21.4 percent), Oyo (20.17 percent) and
Bauchi (19.52 percent), while Kwara (13.96%), Abuja (12.96 percent) and Cross River (12.22 percent) recorded the slowest rise in headline Year on Year inflation.”

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