The Consumer Price Index (CPI), which measures inflation, increased by 12.13 per cent (year-on-year) in January compared to 11.98 per cent in the preceding month, according to the Bureau of Statistics (NBS).
The composite food index rose by 14.85 per cent in January compared to 14.67 per cent in December 2019.
Core inflation, which excludes the prices of volatile agricultural produce, also increased to 9.35 per cent during the review period up by 0.02 per cent when compared with 9.33 per cent recorded in December.
According to the CPI report for December, which was released Tuesday, the rise in the food index was caused by increases in prices of bread and cereals, meat, oils and fats, potatoes, yam and other tubers and fish.
Furthermore, in the core sub index, the highest increases were recorded in prices of hospital services, vehicle spare parts, cleaning, repair and hire of clothing, shoes and other footwear, glassware, tableware and household utensils, hairdressing salons and personal grooming establishments, repair and hire of footwear, garments and passenger
transport by air.
An analysis of the NBS report revealed that the inflation rate of 12.13 per cent is the highest recorded by the economy in the last 22 months.
The last time Nigeria’s inflation rate was as high as 12.13 per cent was in April 2018 when the CPI rose to 12.48 per cent.
More to come…
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