The National Bureau of Statistics disclosed in its Consumers’ Price Index Report for January of 2021, that the headline inflation rose by 0.71 percent. From 15.8% in December last year, to 16.5% in January of 2021.
The report read:
“The consumer price index, (CPI) which measures inflation increased by 16.47 per cent (year-on-year) in January 2021. This is 0.71 per cent points higher than the rate recorded in December 2020 (15.75 percent). Increases were recorded in all COICOP divisions that yielded the Headline index.”
January’s inflation rise represents the 17th monthly rise in inflation from September of 2019 (It was 11.24 percent as at then).
Still on the report, “On a month-on-month basis, the Headline index increased by 1.49 per cent in January 2021. This is 0.12 percentage points lower than the rate recorded in December 2020 (1.61 per cent).”
For food inflation, there was a 1.01% increase (From 19.6% in December of 2020, to 20.57% in January, 2021). According to the report, “The composite food index rose by 20.57 per cent in January 2021 compared to 19.56 per cent 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 a month-on-month basis, the food sub-index increased by 1.83 per cent in January 2021, down by 0.22 per cent points from 2.05 per cent recorded in December 2020.”
The report revealed states in the country with the highest and lowest inflation rates in January, 2021:
“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), while 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.”