Inflation drops slightly in January

The Headline inflation of Nigeria has dropped to 15.60 in January 2021.

Daily Trust reports that the figure was a 0.03 per cent drop in what was recorded in December last year (15.63).

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Recall that December’s figure was a rise from an eight-month decline of the nation’s Consumer Price Index (CPI).

Experts attributed the rise to the December festivities which fuelled more consumer spending.

The Statistician-General of the Federation/Chief Executive Officer, National Bureau of Statistics, Dr Simon Harry, in a press briefing on Tuesday, stated that the new figure was influenced by increases in prices of bread and cereals, food products like potatoes, yam and other tubers, soft drinks, oils and fats, and fruits.

He added that on a month-on-month basis, the food sub-index increased by 1.62 per cent in January 2022, which was down by 0.57 per cent points from 2.19 per cent recorded in December 2021.

The ‘all items less farm produce’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.87 per cent in January 2022.

This was higher by 2.02 per cent when compared to 11.85 per cent, the rate recorded in January 2021.”

“The highest increases were recorded in prices of Electricity, Liquid fuel, Wine, Tobacco, Spirit, Solid fuels, Cleaning, repair and hire of clothing, shoes and other footwear,

Other services in respect of personal transport equipment, Other services not elsewhere classified and pharmaceutical products.”