DESPITE continuous surge in food prices, the National Bureau of Statistics (NBS) says Nigeria’s inflation rate dropped to 15.60 per cent in January 2022 from 15.63 per cent recorded in December 2021.
The statistics office also disclosed that the prices of goods and services, measured by the Consumer Price Index (CPI) 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,” the 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, the rise in the food index was caused by increases in the prices of bread and cereals, food products, potatoes, yam and other tubers, soft drinks, oils, 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 12 months ending January 2022 over the previous 12-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,” the NBS said.
The report added that the percentage change in the average composite CPI for the 12 months ending January 2022 over the average of the CPI for the previous 12-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.
