• Fri. Sep 29th, 2023

Nigeria’s inflation worsens; peaks at 16.47% in January 2021

ByBassey Udo

Feb 17, 2021

The average cost of goods and services Nigerians paid for in January 2021 jumped by almost 1.5 percent from the prices in the country last December.
This is because the National Bureau of Statistics (NBS) said in its latest consumer price index (CPI) published on Tuesday that the country’s headline inflation in January 2021 rose by about 1.49 percent, from about 15.75 percent recorded in December 2020 to about 16.47 percent during the month.
The CPI measures the current rate of inflation in the economy.
This is the highest figure recorded in the country since April 2017.
The latest report showed that food inflation, which reflects the average growth in prices of food items in the country, dropped marginally to about 1.83 percent in January 2021, from 2.05 percent in December 2020.
Food inflation, on month-on-month basis stood at about 20.57 percent in January 2021 from 19.56 percenr in December 2020.
Core Inflation was at 11.85 percent in January 2021, about 1.26 percent, from 11.37 percent, about 1.10 percent, in December 2020.
In terms of urban-rural parity, the NBS said urban inflation rose by 1.52 percent to 17.03 percent during the month from 16.33 percent (about 1.65 percent) the previous month.
Compared with the rural inflation rate of 15.92 percent, which grew by 1.46 percent from 15.20 percent or 1.58 percent in the previous month.

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