BREAKING: NIGERIA'S INFLATION RATE INCREASES BY 16.47%, HIGHEST SINCE APRIL 2017
The Consumer Price Index (CPI) which measures inflation increased by 16.47 per cent in January 2021, the highest point since April 2017.
This is 0.71 per cent points higher than the rate in December 2020 which accounted for 15.57 per cent.
The data was shown in the CPI/Inflation report released by the National Bureau of Statistics (NBS) on Tuesday, 16th February 2021.
The composite food index also rose by 20.57 per cent in January 2021 compared to 19.56 percent 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, according to the NBS.
The ''All items less farm produce'' or Core inflation, which excludes the prices of volatile agricultural
produce stood at 11.85 percent in January 2021, up by 0.48 percent when compared with 11.37 percent
recorded in December 2020.
On month-on-month basis, the core sub-index increased by 1.26 percent in January 2021. This was up by
0.16 percent when compared with 1.10 percent recorded in December 2020.
In January 2021, all items inflation on year on year basis was highest in Kogi (21.38%), Oyo (20.17%) and
Bauchi (19.52%), while Kwara (13.96%), Abuja (12.96%) and Cross River (12.22%) recorded the slowest
rise in headline Year on Year inflation.
Food Inflation
On month on month basis however, January 2021 food inflation was highest in Oyo (4.47%), Lagos (3.86%)
and River (3.11%), while Akwa Ibom (0.25%) and Bayelsa (0.13%) recorded the slowest rise with Edo
recording price deflation or negative inflation (general decrease in the general price level of food or a
negative food inflation rate).
In January 2021, food inflation on a year on year basis was highest in Kogi (26.64%), Oyo (23.69%) and
River (23.49%), while Ondo (17.20%), Abuja (16.73%) and Bauchi (16.37%) recorded the slowest rise.
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