BREAKING: Nigeria’s Inflation Rate Declines To 15.60% In January—-The genius Media Nigeria reports that Nigeria’s inflation rate has dropped to 15.60 per cent compared to the 15.63 per cent recorded in December 2021.
But year on year, the country’s inflation fell by 0.87 per cent year on year from the 16.47) per cent recorded in January 2021.
This was revealed in the inflation report for January 2022 released by the National Bureau of Statistics on Tuesday.
“This shows that headline inflation rate slowed down in January when compared to the same month in the previous year. Increases were recorded in all COICOP divisions that yielded the Headline index,” said the NBS.
Inflation had increased in December 2021 after eight months of continuous decline due to the festive period, according to the Central Bank of Nigeria Governor, Godwin Emefiele.
Food inflation also fell marginally to 17.13 percent in January 2022 as against the 17.37 per cent recorded in December 2022.
Compared to January 2021, food prices fell by 3.44 points to 17.13 per cent as against the 20.57 per cent witnessed in January 2021.
The items pushing the food inflation according to the NBS are the surge in the prices of bread, cereals, food product, potatoes, yam and other tuber, soft drinks, oils and fats and fruit.
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