Headline inflation in Nigeria has risen by 0.71 percent to 16.5 percent in January 2021, from 15.8 percent, recorded in December 2020, thus indicating the 17th monthly rise in inflation since September 2019 when it stood at 11.24 percent.
The National Bureau of Statistics, NBS, which indicated this in its Cosumers’ Price Index Report for January 2021, stated that food inflation also rose by 1.01 percentage points to 20.57 percent in January from 19.6 percent in December last year.

According to the report, “The consumer price index, (CPI) which measures inflation increased by 16.47 percent (year-on-year) in January 2021. This is 0.71 percent points higher than the rate recorded in December 2020 (15.75 percent). Increases were recorded in all COICOP divisions that yielded the Headline index.
“On a month-on-month basis, the Headline index increased by 1.49 percent in January 2021. This is 0.12 percentage points lower than the rate recorded in December 2020 (1.61 percent).”

On food inflation, the report stated: “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.”

It added: “On a 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. In January 2021, all items inflation on year on year basis was highest in Kogi (21.4 percent), Oyo (20.17 percent), and Bauchi (19.52 percent), while Kwara (13.96%), Abuja (12.96 percent), and Cross River (12.22 percent) recorded the slowest rise in headline Year on Year inflation.”