Nigeria’s inflation rate reverses, drops to 15.6% in January

Nigeria’s inflation rate dropped marginally to 15.60 percent year-on-year in January 2022.

This is 0.87 percent points lower than the rate recorded in January 2021 (16.47) percent and also a drop when compared to 15.63% recorded in December 2021.

This shows that the headline inflation rate slowed down in January when compared to the same month in the previous year and also previous month.

The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index report for January 2022 which was released on Tuesday.

Food inflation, which accounts for all volatile agricultural produce decreased to 17.13% in the review month, from 17.37% recorded in the previous month.

According to the report, the rise in the food index was caused by increases in prices of bread and cereals, food product, potatoes, yam and other tubers, soft drinks, oils and fats and fruit.

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The average annual rate of change of the Food sub-index for the twelve-month period ending January 2022 over the previous twelve-month average was 20.09%, 0.31% points from the average annual rate of change recorded in December 2021 (20.40%).

Also, the ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood flat at 13.87% in January 2022, the same as recorded in December 2021.

The highest increases were recorded in prices of electricity, liquid fuel, wine, tobacco, spirits, solid fuels, cleaning, repair and hire of clothing, shoes and other footwear, other services in respect of personal transport equipment, and pharmaceutical products.

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