Increases in the prices of basic food items continued for the 17th consecutive month, prompting the Food inflation to hit 20.6 per cent in January, the highest since September 2019.
Consequently, the nation’s annual inflation rate also rose for the 17th consecutive months to 16.47 percent in January representing 0.71 percentage point increase from 15.8 percent in December 2020.
The National Bureau of Statistics released Consumer Price Index (CPI) Report for January 2021 revealed that the rise in the food inflation was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetables, fish and oils and fats.
The consumer price index, (CPI) which measures inflation increased by 16.47 percent (year-on-year) in January 2021, 0.71 percent points higher than the rate recorded in December 2020 (15.75 percent). Increases were recorded in all COICOP divisions that yielded the Headline index.
According to the NBS, the composite food index rose by 20.57 percent in January 2021 compared to 19.56 percent in December 2020.
According to analysts, this upward trend in food prices will persist due to the insecurity in the country and the approaching planting season.
On a month-on-month basis, the Headline index increased by 1.49 percent in January 2021. This is 0.12 percentage points lower than the rate recorded in December 2020 (1.61 percent).
In January 2021, all items inflation on year on year basis was highest in Kogi (21.4 per cent), Oyo (20.17 per cent) and Bauchi (19.52 per cent).
Kwara (13.96%), Abuja (12.96 per cent) and Cross River (12.22 per cent) recorded the slowest rise in headline Year on Year inflation.”
Increases in the prices of basic food items continued for the 17th consecutive month, prompting the Food inflation to hit 20.6 per cent in January, the highest since September 2019.
Consequently, the nation’s annual inflation rate also rose for the 17th consecutive months to 16.47 percent in January representing 0.71 percentage point increase from 15.8 percent in December 2020.
The National Bureau of Statistics released Consumer Price Index (CPI) Report for January 2021 revealed that the rise in the food inflation was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetables, fish and oils and fats.
The consumer price index, (CPI) which measures inflation increased by 16.47 percent (year-on-year) in January 2021, 0.71 percent points higher than the rate recorded in December 2020 (15.75 percent). Increases were recorded in all COICOP divisions that yielded the Headline index.
According to the NBS, the composite food index rose by 20.57 percent in January 2021 compared to 19.56 percent in December 2020.
According to analysts, this upward trend in food prices will persist due to the insecurity in the country and the approaching planting season.
On a month-on-month basis, the Headline index increased by 1.49 percent in January 2021. This is 0.12 percentage points lower than the rate recorded in December 2020 (1.61 percent).
In January 2021, all items inflation on year on year basis was highest in Kogi (21.4 per cent), Oyo (20.17 per cent) and Bauchi (19.52 per cent).
Kwara (13.96%), Abuja (12.96 per cent) and Cross River (12.22 per cent) recorded the slowest rise in headline Year on Year inflation.”
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