BY BANYO TEMITAYO
HEADLINE inflation rose by 0.71 per cent, from 15.8 per cent in December 2020, to 16.5 per cent in January.
Nigeria’s inflation has consistently risen since September 2019 when it stood at 11.24 per cent.
The National Bureau of Statistics disclosed the latest figure in its just released Consumers’ Price Index Report for January 2021.
It said food inflation rose by 1.01 percentage points to 20.57 per cent in January, from 19.6 per cent in December 2020.
The Bureau said, “The consumer price index, (CPI) which measures inflation increased by 16.47 per cent (year-on-year) in January 2021. This is 0.71 per cent points higher than the rate recorded in December 2020 (15.75 per cent). Increases were recorded in all COICOP divisions that yielded the Headline index.
“On a month-on-month basis, the Headline index increased by 1.49 per cent in January 2021. This is 0.12 percentage points lower than the rate recorded in December 2020 (1.61 per cent).”
It added that the composite food index rose by 20.57 per cent in January 2021 compared to 19.56 per cent in December 2020.
The NBS stated, “The composite 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 a month-on-month basis, the food sub-index increased by 1.83 per cent in January 2021, down by 0.22 per cent points from 2.05 per cent recorded in December 2020.”
“In January 2021, all items inflation on year on year basis was highest in Kogi (21.4 per cent), Oyo (20.17 per cent) and Bauchi (19.52 per cent), while Kwara (13.96%), Abuja (12.96 per cent) and Cross River (12.22 per cent) recorded the slowest rise in headline Year on Year inflation,” it added.
