Inflation rises to 12.13% in January – NBS

National Bureau of Statistics Inflation rate rose by 12.13 percent in January, 2020, being 0.15 percent points higher than the 11.98 per cent recorded in December, 2019.

The consumer price index, (CPI) which measures inflation, released Tuesday by the National Bureau of Statistics (NBS) showed that on month-on-month basis, the headline index increased by 0.87 percent in January 2020, being 0.02 percent rate higher than the 0.85 percent recorded in December, 2019.

The percentage change in the average composite CPI for the twelve months period ending January 2020 over the average of the CPI for the previous twelve months period was 11.46 percent, showing 0.06 percent point from 11.40 percent recorded in December 2019.

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The report showed that on year-on-year basis the urban inflation rate increased by 12.78 percent in January 2020 from 12.62 percent recorded in December 2019, while the rural inflation rate increased by 11.54 percent in January, 2020 from 11.41 percent in December, 2019.

Analysis showed that the composite food index rose by 14.85 percent in January 2020 compared to 14.67 percent in December, 2019.

“This 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.”

On month-on-month basis, the food sub-index increased by 0.99 0.97 percent in January 2020, up by 0.02 percent points from 0.97 percent recorded in December 2019.

Meanwhile, core inflation, which excludes the prices of volatile agricultural produce stood at 9.35 percent in January 2020, up by 0.02 percent when compared with 9.33 percent recorded in December 2019.

On month-on-month basis, the core sub-index increased by 0.82 percent in January 2020, up by 0.01 percent when compared with 0.81 percent recorded in December 2019.

“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 utensil.

“Others are: Hairdressing saloons and personal grooming establishments, Repair and hire of footwear, Garments and Passenger transport by air,” the report stated.

7th February 2023
Nigerian Pantagraph
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