Inflation hits 12.1%, highest in 21 months

Inflation rate dips 0.09% in July – NBS

Illustrative picture. PHOTO: SHIPS & PORTS archive

 

Nigeria’s consumer price index, which measures inflation, rose to 12.13% in January; hitting its highest point in 21 months.

According to data released by the National Bureau of Statistics (NBS) on Tuesday, the index increased from the 11.98% recorded in December.

The last time inflation was in this region was in April 2018.

According to the NBS, “The consumer price index, (CPI) which measures inflation increased by 12.13% (year-on-year) in January 2020. This is 0.15 percentage points higher than the rate recorded in December 2019 (11.98%).

“On a month-on-month basis, the headline index increased by 0.87% in January 2020, this is 0.02% rate higher than the rate recorded in December 2019 (0.85%).”

NBS said the urban inflation rate rose to 12.78% on a year-on-year in January 2020 from 12.62% in December 2019, while the rural inflation rate increased by 11.54% in January 2020 from 11.41% in December 2019.

“The composite food index rose by 14.85% in January 2020 compared to 14.67% in December 2019. This rise in the food index was caused by increases in prices of bread and cereals, meat, oils and fats, potatoes, yam and other tubers and fish

“In January 2020, food inflation on a year on year basis was highest in Sokoto (19.08%), Ogun (18.72%) and Nasarawa (17.07%), while Bayelsa (12.91%), Delta (11.57%) and Benue (11.33%) recorded the slowest rise,” it further stated. 

NBS said on month-on-month basis, 2020 food inflation was highest in Ondo (2.95%), Anambra (2.61%) and Abuja (2.57%), while Benue, Kogi and River recorded price deflation, which is a decrease in the general price level of food or a negative food inflation rate.