Nigeria’s Inflation Drops To 15.6%, NBS Confirms

The consumer price index (CPI), which measures inflation, dropped to 15.60per cent (year-on -year) in January, 2022 from 15.63per cent recorded in December, 2021, the National Bureau of Statistics (NBS) has said.
On year-on-year basis, it was 0.87per cent points lower than the rate recorded in January, 2021 (16.47)per cent.
The headline index increased by 1.47per cent in January, 0.34per cent points lower than 1.82per cent recorded in December, 2021.
The NBS released the CPI report, yesterday.
The core inflation for January was 13.87per cent, the same with that of December, 2021, while food inflation for January was 17.13per cent compared to 17.37per cent in December.
Urban inflation rate stood at 16.17per cent year-on-year in January, same with that of December, 2021.
On the other hand, rural inflation was 15.06per cent and 15.11per cent in and December, 2021 respectively.
On state-by-state comparison, all items inflation on year-on-year basis was highest in Abuja with 18.59per cent followed by Kogi with 18.28per cent and Bauchi 17.61per cent.
On the other hand, Kwara recorded the lowest with 12.94per cent followed by Niger with 14.10per cent and Oyo, 14.19per cent.
Composite food index rose by 17.13per cent in January, 2022, compared to 20.57per cent in January, 2021.
The rise in the food index was caused by increases in prices of bread and cereals, food product such as potatoes, yam and other tuber, soft drinks, oils and fats, and fruits.
On month-on-month basis, the food sub-index increased by 1.62per cent in January, which was down by 0.57per cent points from 2.19per cent recorded in December, 2021.
“The All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.87per cent in January, 2022.
This was higher by 2.02per cent, when compared to 11.85per cent, the rate recorded in January, 2021.
The highest increases were recorded in prices of electricity, liquid fuel, wine, tobacco, spirit, solid fuels, cleaning, repair and hire of clothing.
Others are shoes and other foot wear, other services in respect of personal transport equipment, other services not elsewhere classified and pharmaceutical products.