Nigeria’s consumer price inflation rate fell in January to 15.60 per cent from 15.63 per cent 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 per cent (year-on-year) in January 2022.
“This is 0.87 per cent points lower than the rate recorded in January 2021 (16.47) per cent.
“This shows that headline inflation rate slowed down in January when compared to the same month in the previous year,” NBS said.
On a month-on-month basis, the headline index, inclusive of items with volatile prices like food and fuel, increased to 1.47 per cent in January 2022, which is 0.34 per cent points lower than the 1.82 per cent 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.
“The average annual rate of change of the Food sub-index for the twelve months ending January 2022 over the previous twelve-month average was 20.09 per cent, 0.31 per cent points from the average annual rate of change recorded in December 2021 (20.40) per cent,” it said.
The report added that the percentage change in the average composite CPI for the twelve months ending January 2022 over the average of the CPI for the previous twelve-month period was 16.87 per cent, showing a 0.08 per cent point from 16.95 per cent recorded in December 2021.
“The urban inflation rate increased to 16.17 per cent year-on-year in January 2022 from 17.03 per cent recorded in January 2021, while the rural inflation rate increased to 15.06 per cent in January 2022 from 15.92 per cent in January 2021.
“On a month-on-month basis, the urban index rose to 1.53 per cent in January 2022, down by 0.34 per cent points from 1.87 per cent the rate recorded in December 2021.
“The rural index also rose to 1.42 per cent in January 2022, down by 0.35 per cent points from 1.77 per cent of the rate recorded in December 2021,” the report added.