The National Bureau of Statistics (NBS), on Tuesday, reported that Nigeria’s Consumer Price Index (CPI) which measures the general price level in the economy increased by 12.13 per cent year-on-year in January, 2020.
In the CPI report, the agency indicated that the increase was 0.15 per cent points higher than the 11.98 per cent rate recorded in December, 2019, and attributed the hike increases in all Classification of Individual Consumption by Purposes (COICOP) divisions that yielded the headline index.
An analysis of the COICOP divisions shows that the food index largely influenced the rise in inflation, rising by 14.85 per cent in the month in review from the 14.67 per cent recorded in December, 2019.
This represented 0.99 per cent increase in January, up by 0.02 per cent compared to the 0.97 per cent recorded in December.
The bureau reported that the rise in the food index was caused by increases in prices of bread and cereals, meat, oils and fats, potatoes, yam, other tubers and fish.
According to NBS, on month-on-month basis the headline inflation index increased by 0.87 per cent in the month under review, representing 0.02 per cent rate higher than the 0.85 per cent rate recorded in the preceding month.
NBS stated that: “The percentage change in the average composite CPI for the 12 months period ending January, 2020, over the average of the CPI for the previous 12 months period was 11.46 per cent, showing 0.06 per cent point from 11.40 per cent recorded in December, 2019.
“The urban inflation rate increased from 12.62 per cent in December to 12.78 per cent year-on-year in January, 2020, while the rural inflation rate increased from 11.41 per cent in December, 2019, to 11.54 per cent in January, 2020.”
It further stated that: “On a month-on-month basis, the urban index rose from 0.90 per cent recorded in December, 2019, to 0.92 per cent in January, 2020, up by 0.02 per cent, while the rural index also rose by 0.83 per cent in January, 2020, up by 0.01 per cent from the rate recorded in December, 2019, which was 0.82 per cent.
“The corresponding 12-month year-on-year average percentage change for the urban index is 11.92 per cent in January, 2020. This is higher than 11.83 per cent reported in December, 2019, while the corresponding rural inflation rate in January, 2020, is 11.04 per cent compared to 11.00 per cent recorded in December, 2019.”