Nigeria Records 15.60% Headline Inflation Rate
Nigeria’s headline inflation rate for January 2022 falls by 87 basis points year on year to 15.60%, according to a latest report by the National Bureau of Statistics (NBS). Recalled that inflation rate slowdown was halted in December 2021 amidst heavy year-end spending and low farm output.
In December, the headline inflation rate printed at 15.63%, which means there was a 3 basis point decline when compare with January, 2022 figure released by the authority. Read: Nigeria’s Headline Inflation Rate Rises to 15.63%
The consumer price index, (CPI) which measures inflation increased to 15.60 percent (year-on -year) in January 2022, NBS said today in Abuja, 0.87 percent points lower than the rate recorded in January 2021 (16.47) percent.
Increases were recorded in all classification of individual consumptions according to purpose (COICOP) divisions that yielded the headline index, according to NBS report. On month-on-month basis, the headline index increased to 1.47 percent in January 2022, this is 0.34 percent points lower than 1.82 percent recorded in December 2021.
The percentage change in the average composite CPI for the twelve-month period ending January 2022 over the average of the CPI for the previous twelve-month period was 16.87 percent, showing 0.08 percent point from 16.95 percent recorded in December 2021.
The urban inflation rate increased to 16.17 percent year-on-year in January 2022 from 17.03 percent recorded in January 2021, while rural inflation rate increased to 15.06 percent in January 2022 from 15.92 percent in January 2021.
On a month-on-month basis, the urban index rose to 1.53 percent in January 2022, down by 0.34 percent points from 1.87 percent the rate recorded in December 2021. Read: Nigeria’s Headline Inflation Rate Rises to 15.63%
The rural index also rose to 1.42 percent in January 2022, down by 0.35 percent points from 1.77 percent the rate recorded in December 2021. The corresponding twelve-month year-on-year average percentage change for the urban index is 17.44 percent in January 2022.
This is lower than 17.52 percent reported in December 2021, while the corresponding rural inflation rate in January 2022 is 16.31 percent compared to 16.40 percent recorded in December 2021.
The composite food index rose by 17.13 percent in January 2022 compared to 20.57 percent in January 2021. This rise in the food index was caused by increases in prices of Bread and cereals, Food product, Potatoes, yam and other tuber, Soft drinks, Oils and fats and fruit.
On month-on-month basis, the food sub-index increased to 1.62 percent in January 2022, down by 0.57 percent points from 2.19 percent recorded in December 2021.
The average annual rate of change of the Food sub-index for the twelve-month period ending January 2022 over the previous twelve-month average was 20.09 percent, 0.31 percent points from the average annual rate of change recorded in December 2021 (20.40) percent.
The all items less farm produce or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.87 percent in January 2022, up by 2.02 percent when compared to 11.85 percent, the rate recorded in January 2021.
On month-on-month basis, the core sub-index increased by 1.25 percent in January 2022. This was down by 0.13 percent when compared with 1.12 percent recorded in December 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 and pharmaceutical products.
The average 12-month annual rate of change of the index was 13.33 percent for the twelvemonth period ending January 2022; this is 0.17 percent points higher than 13.16 percent recorded in December 2021
In January 2022, NBS said all items inflation on year-on- year basis was highest in Abuja (18.59%), Kogi (18.28%) and Bauchi (17.61%), while Kwara (12.94%),Niger (14.10%) and Oyo (14.19%) recorded the slowest rise.
On month on month basis however, January 2022, recorded the highest increases in Jigawa (2.45%), Kogi (2.34%) and Zamfara (2.32%), while Taraba (0.53%), Abia (0.69%) and Ondo (0.75%) recorded the slowest rise.
Food Inflation The food inflation on a year-on-year basis was highest in Kogi (22.61%), Enugu (19.84%) and Akwa-Ibom (19.67%), while Sokoto (14.18%), Bauchi (14.63%) and Kaduna (15.01%) recorded the lowest rise in January 2022.
On month-on month-basis, the food inflation was highest in Borno (2.87%), Zamfara (2.62%) and Kogi (2.53%), while Abia (0.29%), Taraba (0.57%) and Ondo (0.58%) recorded the lowest rise in January 2022. #Nigeria Records 15.60% Headline Inflation Rate
