BREAKING: Nigeria inflation rate drops in January, now at 15.6%

FIRS

Nigeria’s inflation rate fell to 15.6% in January 2022, reversing an upward trend posted in December 2021 after reaching 15.63%.

The National Bureau of Statistics (NBS) has released the Consumer Price Index report.

Compared to December, the overall index increased by 0.34% to reach 1.47% in January 2022.

The food inflation rate, which includes all volatile agricultural products, decreased to 17.13% in the month under review, from 17.37% the previous month.

The report notes that the increase in the food index can be attributed to rising prices for bread and cereals, as well as potatoes, yams, oils, fats and fruits.

For the 12-month period ending January 2022, the average annual rate of change in the food sub-index from the previous 12-month average was 20.09%, marking an increase of 0.31% from to December 2021 (20.40%).

The headline inflation rate for January 2022 remained stable at 13.87%, the same as in December 2021 excluding volatile prices for agricultural products, as well as the “All items less agricultural products” or inflation rate. underlying inflation.

Electricity, liquid fuels, wine, tobacco, spirits, solid fuels, repair and cleaning services for clothing, footwear and other goods and services related to personal transportation equipment recorded the most sharp price increases.

More details shortly…