January inflation rises to 16.47%, highest in 44 months

Inflation in Nigeria has increased to 16.47 per cent in January, the highest percentage point recorded since April 2017.

The National Bureau of Statistics in a report released on Tuesday said the consumer price index, measuring the rate of price increase in goods and services, showed 16.47 per cent increase.

The report showed that food inflation had also crossed the 20 per cent mark.

According to the latest CPI report, the composite food index rose by 20.57 per cent in the period under review compared to 19.56 per cent in the preceding month.

The NBS blamed the 0.71 percentage point increase on higher food and commodity prices.

Nigeria’s inflation rate increased by 15.75 per cent (year-on-year) in December 2020.

The figure is 0.86% points higher than the rate of 14.89 per cent recorded in November 2020.