Inflation Hits 16.47%, Highest Since April 2017
Written by MaryGift Sunday on February 16, 2021
The National Bureau of Statistics on Tuesday revealed that Consumer Price Index which measures inflation has increased by 16.47% in January 2021.
This is the highest since April 2017.
The report also shows that food prices, food inflation also rose to 20.57 per cent in January while core inflation, which excludes the price of volatile agricultural produce stood at 11.85%.
“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 0.37percentage point increase over 13.25 percent recorded in December 2020.
“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,” NBS said.
The NBS added that the upward movement in food inflation was caused by increases in the prices of bread, cereals, potatoes, yam and other tubers, meat, fruits, oils and fats, vegetables, and fish.
“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,” NBS said.
Core inflation, which excludes the prices of agricultural items, stood at 11.85 percent in January 2021, up by 0.48 percentage points when compared with 11.37 percent recorded in December 2020.
On a year-on-year basis, food inflation was highest in Kogi (26.64 percent), Oyo (23.69 percent), and River (23.49 percent), while Ondo (17.20 percent), Abuja (16.73 percent), and Bauchi (16.37 percent) recorded the slowest rise.