Nigeria’s inflation rises 0.71%, hits 16.47%

Nigeria’s inflation rate has risen to 16.47 percent with an increase of 0.71 percent between December 2020 and January 2021.

The January figure represents a consecutive 18-month increase and the highest figure recorded in almost dour years. Meaning Nigerians have had to spend more than the previous month.

The new figure was contained in the latest Consumer Price Index report, released by the National Bureau of Statistics (NBS) on Tuesday.

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living,

“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 report said.

Food inflation, the closely watched index rose sharply to a record high to stand at 20.57% in January 2021 compared to 19.56% recorded in the previous month.

Read also: Nigeria’s inflation jumps to 15.75%, highest in 36 months

While the “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.85% in January 2021, up by 0.48% when compared with 11.37% recorded in December 2020.

By states, In terms of food inflation, Kogi state recorded the highest rise in inflation rate with 26.64%, followed by Oyo (23.69%), Rivers (23.49%); while Ondo state recorded the slowest food inflation by 17.20%, Abuja State, Bauchi State recorded 16.73% and 16.37% respectively.

For all items inflation, Kogi State recorded the highest rate at 21.38%, closely followed by Oyo State with an inflation rate of 20.17% while Bauchi recorded 19.52%.

The slowest rise was recorded in Kwara(13.96%), Abuja(12.96%), and Cross River (12.22%).

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