Nigeria’s headline inflation rises to 16.5%, highest in 4 years …As food inflation hits 20.6%
Nigeria recorded the highest rise in its inflation rate in the past four years with headline index increasing to 16.5 per cent in January 2021 from 15.8 per cent recorded in December 2020.
Meanwhile, food inflation also rose by 1.01 percentage points to 20.57 per cent in January from 19.6 per cent in December last year.
The rise in headline inflation represents the 17th monthly rise in inflation rate since September 2019 when it stood at 11.24 per cent.
According to the National Bureau of Statistics NBS monthly Cosumers’ Price Index Report for January 2021, released today in Abuja, the 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 report says: “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 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).”
On food inflation it said: “The composite food index rose by 20.57 per cent in January 2021 compared to 19.56 per cent 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 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 (13.96per cent), Abuja (12.96 per cent) and Cross River (12.22 per cent) recorded the slowest rise in headline Year on Year inflation.”