Headline inflation rate hits 12.13% as Rivers, Kogi witness decrease in price level
The nation’s headline inflation rate jerked up 15 basis points to 12.13 per cent according to data released by the statistics office today.
The data shows that the composite food index rose by 14.85 percent in January 2020 compared to 14.67 percent in December 2019.
The National Bureau of Statistics says consumer price index, (CPI) which measures inflation increased by 12.13 percent year-on-year in January 2020.
“This is 0.15 percent points higher than the rate recorded in December 2019 when increased in average price of goods and services berthed 11.98 percent”, NBS said.
Meanwhile, on month-on-month basis, the headline index increased by 0.87 percent in January 2020, this is 0.02 percent rate higher than the rate recorded in December 2019 (0.85) percent.
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.
This shows 0.06 percent point from 11.40 percent recorded in December 2019.
At 0.04 per cent Benue recorded the slowest rise on month on month inflation with Kogi and River State experience price deflation or general decrease in the general price level.
Also, 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.
On a month-on-month basis, the urban index rose by 0.92 percent in January 2020, up by 0.02 from 0.90 percent recorded in December 2019.
The rural index also rose by 0.83 percent in January 2020, up by 0.01 from the rate recorded in December 2019 (0.82) percent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 11.92 percent in January 2020.
This is higher than 11.83 percent reported in December 2019, while the corresponding rural inflation rate in January 2020 is 11.04 percent compared to 11.00 percent recorded in December 2019.
Food index
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.
The average annual rate of change of the Food sub-index for the twelve-month period ending January 2020 over the previous twelve-month average was 13.86 percent.
This is 0.12 percent points from the average annual rate of change recorded in December 2019 (13.74) percent.
The ”All items less farm produce” or 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. This was 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.
It also includes Shoes and other footwear, Glassware, tableware and household utensil, Hairdressing saloons and personal grooming establishments.
Repair and hire of footwear, Garments and Passenger transport by air were among the items that recorded highest increase.
The average 12-month annual rate of change of the index was 9.11 percent for the twelve-month period ending January 2020; this is 0.04 percent points lower than 9.15 percent recorded in December 2019.
In January 2020, all items inflation on year on year basis was highest in Sokoto which recorded 15.20%, Kebbi 14.37% and Niger 14.23%.
Delta settled 9.95%, Benue 9.61% and Kwara 9.49% recorded the slowest rise in headline Year on Year inflation.
On month on month basis however, January 2020 all items inflation was highest in Ondo at 2.17%, Anambra 2.04% and Bauchi 1.81%.
Meanwhile, Benue (0.04%) recorded the slowest rise on month on month inflation with Kogi and River recording price deflation or negative inflation (general decrease in the general price level or negative inflation rate).
Headline inflation hits 12.13% as Rivers, Kogi witness decrease in price level
