Inflation Rate Rises To 16.47% In Nigeria

The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate rose to 16.47% (year-on-year) in January 2021 as against 15.75% recorded in December 2020.

This is according to the latest Consumer Price Index report, which measures inflation.

Also, food inflation rose 20.57 per cent in January 2021 compared to 19.56 per cent in December 2020.

“This is 0.71 per cent points higher than the rate recorded in December 2020 (15.75 per cent).

“On a month-on-month basis, headline index increased by 1.49 per cent in January 2021. This is a 0.12 percentage points lower than the rate recorded in December 2020 (1.61 per cent).

“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.

“On a month on month basis, the food sub-index increased by 1.83 per cent in January 2021, down by 0.22 percentage points from 2.05 per cent recorded in December 2020, the bureau said in its report”

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