Nigeria’s inflation highest in 22 months

By Collins Nweze

The consumer price index, which measures inflation, rose to 12.13per cent in January hitting its highest point in 22 months.

According to data released by the National Bureau of Statistics (NBS) on Tuesday, the index increased from the 11.98 per cent recorded in December.

The last time inflation was in this region was in April 2018.

“The consumer price index, (CPI), which measures inflation increased by 12.13 per cent (year-on-year) in January 2020. This is 0.15 percentage points higher than the rate recorded in December 2019 (11.98 per cent).

“On a month-on-month basis, the headline index increased by 0.87per cent in January 2020, this is 0.02per cent rate higher than the rate recorded in December 2019 (0.85per cent).”

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According to the report, the urban inflation rate rose to 12.78 per cent on a year-on-year in January 2020 from 12.62 per cent in December 2019, while the rural inflation rate increased by 11.54per cent in January 2020 from 11.41per cent in December 2019.

“The composite food index rose by 14.85 per cent in January 2020 compared to 14.67per cent in December 2019,” the report read.

“This rise in the food index was caused by increases in prices of bread and cereals, meat, oils and fats, potatoes, yam and other tubers and fish

“In January 2020, food inflation on a year on year basis was highest in Sokoto (19.08per cent), Ogun (18.72per cent) and Nasarawa (17.07per cent), while Bayelsa (12.91per cent), Delta (11.57per cent) and Benue (11.33per cent) recorded the slowest rise.”

On monthly basis, 2020 food inflation was highest in Ondo (2.95per cent), Anambra (2.61per cent) and Abuja (2.57per cent), while Benue, Kogi and River recorded price deflation (general decrease in the general price level of food or a negative food inflation rate).