Nigeria’s Inflation Down in January by 0.3%

News - by RadioNowIT / Feb. 15th, 2022

Nigeria’s consumer price inflation rate fell in January to 15.60 percent from 15.63 percent recorded in December 2021, even as food prices continued to surge, the National Bureau of Statistics said.

The statistics office said the prices of goods and services, measured by the Consumer Price Index, increased by 15.60 percent (year-on-year) in January 2022.

On a month-on-month basis, the headline index, inclusive of items with volatile prices like food and fuel, increased to 1.47 percent in January 2022, which is 0.34 percent points lower than the 1.82 percent recorded in December 2021.

The bureau said the composite food index rose by 17.13 per cent in January 2022 compared to 20.57 per cent in January 2021.

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

It added that on a month-on-month basis, the food sub-index increased by 1.62 per cent in January 2022, down by 0.57 per cent points from 2.19 per cent recorded in December 2021.

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