Connect with us

Business

Breaking: Nigeria’s inflation hits 16.47% as food prices skyrocket

Published

on

Inflation

Nigeria’s inflation rate increased to 16.47% (year-on-year) in January 2021 as against 15.75% recorded in December 2020.

This is 0.71 percent points higher than the rate recorded in December 2020 (15.75 percent). Techeconomy.ng obtained that from the latest Consumer Price Index report, released by the National Bureau of Statistics (NBS).

According to the report, the food index rose sharply to a record high to stand at 20.57% in January 2021 compared to 19.56% recorded in the previous month.

It also stated that all items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.85% in January 2021, up by 0.48% when compared with 11.37% recorded in December 2020.

The report read in part, “The composite food index rose by 20.57 percent in January 2021 compared to 19.56 percent in December
2020.

This 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 month-on-month basis, the food sub-index increased by 1.83 percent in January 2021, down by 0.22
percent points from 2.05 percent recorded in December 2020.

The average annual rate of change of the Food sub-index for the twelve-month period ending January
2021 over the previous twelve-month average was 16.66 percent, 0.49 percent points higher than the
average annual rate of change recorded in December 2020 (16.17 percent).

In January 2021, food inflation on a year on year basis was highest in Kogi (26.64%), Oyo (23.69%) and
River (23.49%), while Ondo (17.20%), Abuja (16.73%) and Bauchi (16.37%) recorded the slowest rise.

On month on month basis, however, in January 2021 food inflation was highest in Oyo (4.47%), Lagos (3.86%)
and River (3.11%), while Akwa Ibom (0.25%) and Bayelsa (0.13%) recorded the slowest rise with Edo
recording price deflation or negative inflation (general decrease in the general price level of food or a
negative food inflation rate).”

 

ALSO READ  Business, IT Services Will Dominate Enterprise Spending on Blockchain Solutions- IDC

Advertisement
1 Comment

1 Comment

  1. Pingback: Breaking: Nigeria’s inflation hits 16.47% as food prices skyrocket - 9jaheadies

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Facebook