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Nigeria’s Inflation Rate Drops To 15.6% In January

Channels Television  
Updated February 15, 2022
A photo of customers buying food stuff from the market

 

The consumer price index measures which measure inflation has increased by 15.6 percent in January, year on year.

This was 0.87 percent points lower than the rate recorded in January 2021 (16.47) percent.

The Statistician-General of the Federation, Dr Simon Harry, disclosed this on Tuesday during a press briefing at the National Bureau of Statistics, Abuja.

He said on a month-on-month basis, the headline index increased by 1.47 percent in January 2022 which was 0.34 percent points lower than the 1.82 percent recorded in December 2021.

READ ALSO: Nigeria’s Inflation Rate Rises To 15.63% In December 2021

According to him, the urban inflation rate increased by 16.17 percent year-on-year in January 2022 from 17.03 percent recorded in January 2021, which was lower by 0.86 percent points.

On the other hand, the rural inflation rate increased by 15.06 percent in January 2022 from 15.92 percent in January 2021, which was lower by 0.86 percent points. On a month-on-month basis, the urban index rose by 1.53 percent in January 2022, which was down by 0.34 percent points from 1.87 percent, being the rate recorded in December 2021.

The rural index also rose by 1.42 percent in January 2022, which was down by 0.35 percent points from 1.77 percent the rate recorded in December 2021.

The corresponding twelve-month year-on-year average percentage change for the urban index was 17.44 percent in January 2022. This was lower than the 17.52 percent reported in December 2021.

The rural inflation rate in January 2022 was 16.31 percent, compared to 16.40 percent recorded in December 2021.

Similarly, the composite food index rose by 17.13 percent in January 2022 compared to 20.57 percent in January 2021.

This rise in the food index was caused by increases in prices of Bread and cereals, Food products such as Potatoes, yam and other tubers, Soft drinks, Oils and fats, and fruits.