The National Bureau of Statistics disclosed on Tuesday, that the consumer price index which measures inflation, increased by 16.47 percent ‘year on year’ in January 2021.

The consumer price index (CPI) stated the figure was 0.71 percent higher than the rate recorded in December 2020 (15.75 percent).

Obinwannem news had earlier reported last month
that Nigeria inflation rises over 15%, highest in two years and how it affected the purchasing power of Nigerians.

The percentage change in the average composite CPI for the 12months period, ending January 2021, over the average of CPI for the previous 12 months period was 13.62 percent; representing a 0.37 percentage point increase over 13.25 percent recorded in December 2020.

On month-on – month basis, the headline index increased by 1.49 percent in January 2021.

This is 0.12 percent point lower than the rate in December 2020 (1.16percent).

Meanwhile, the urban index rose by 1.52 percent in January 2021 on a month-on-month, down by 0.13 percentage points when compared to the rate recorded in December 2020; whereas, the rural index also rose by 1.46 percent in January 2021, down by 0.12 compared to the rate that was recorded in December 2020(1.58 percent).

Similarly, the urban inflation rate increased by 17.03 percent ( year on year) in January 2021 from 16.33 percent recorded in December 2020, while the rural inflation rate increased by 15.92 percent in January 2021 from 15.20 percent in December 2020.

The corresponding 12 month year-on – year average percentage change for the urban index was 14.23 Percent in January 2021.

This is higher than the 13.82 percent reported in December 2020, while the corresponding rural inflation rate in January 2021, was 13.04 percent compared to 12.67 percent recorded in December 2020.

Lolo Ijeoma Njoku reporting, Obinwannem News