Finance & EconomyNews

Nigeria’s inflation rate drops to 15.6% in January 2022

Nigeria’s inflation rate dropped marginally to 15.6% in January 2022, representing a reversal from the uptick recorded in the previous month, when it increased to 15.63% in December 2021.

This is according to the consumer price index report, released by the National Bureau of Statistics (NBS).

On a month-on-month basis, the headline index increased to 1.47% in January 2022, this is 0.34% points lower than 1.82% recorded in December 2021.

 Food inflation, which accounts for all volatile agricultural produce decreased to 17.13% in the review month, from 17.37% recorded in the previous month.

According to the report, the rise in the food index was caused by increases in prices of bread and cereals, food product, potatoes, yam and other tubers, soft drinks, oils and fats and fruit.

The average annual rate of change of the Food sub-index for the twelve-month period ending January 2022 over the previous twelve-month average was 20.09%, 0.31% points from the average annual rate of change recorded in December 2021 (20.40%).

Also, the ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood flat at 13.87% in January 2022, the same as recorded in December 2021.

The highest increases were recorded in prices of electricity, liquid fuel, wine, tobacco, spirits, solid fuels, cleaning, repair and hire of clothing, shoes and other footwear, other services in respect of personal transport equipment, and pharmaceutical products.

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