Inflation drops to 15.60% in January 2022

Inflation rate in the first month of 2022 dropped to 15.60% year-on-year from the 16.47% recorded in the same period of 2021, the National Bureau of Statistics (NBS), revealed in its latest CPI report released yesterday. This is 0.87% lower than recorded in January 2021.

The Consumer Price Index (CPI) report measures the average change over time in prices of goods and services consumed by people for day-to-day living.

The rate of rise “shows that headline inflation rate slowed down in January, when compared to the same month in the previous year.”

The report also showed that inflation was highest in Abuja at 18.59%, Kogi 18.28% and Bauchi at 17.61%, and was lowest in Kwara 12.94%, Niger 14.10%, and Oyo at 14.19%.

Furthermore, the urban inflation was down to 16.17% year-on-year in January 2022 from 17.03% a year ago, and rural inflation dropped to 15.06% from 15.92% year-on-year.

On a month-on-month basis, the Headline index rose 1.47% in January 2022, which is 0.34% lower than the 1.82% recorded in December 2021.

The rate of rise “shows that headline inflation rate slowed down in January, when compared to the same month in the previous year.

Also, the composite food index slowed to 17.13% down from 20.57% year-on-year, occasioned by high prices of bread and cereals, food products, potatoes, yam and other tuber, soft drinks, oils and fats and fruit.

The food inflation on a year-on-year basis was highest in Kogi at 22.61%, Enugu 19.84% and Akwa-Ibom at 19.67%, while Sokoto at 14.18%, Bauchi 14.63% and Kaduna at 15.01% recorded the lowest rise in January 2022.

According to the NBS report, the ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce was 13.87% in January 2022, up by 2.02% compared to the 11.85% recorded in January 2021.

On a month-on-month basis, the core sub-index was 1.25% in January 2022, down by 0.13% compared with the 1.12% recorded in December 2021.

Prices of electricity, liquid fuel, wine, tobacco, spirit, solid fuels, cleaning, repair and hire of clothing, shoes and other foot wear, as well personal transport equipment and other services recorded the highest increases.

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