Consumer Price Index (CPI), which measures inflation increased by 16.47% in January 2021, the highest since April 2017, according to a latest release by the National Bureau of Statistics (NBS).
The report, which was released on Tuesday, also showed that food prices also rose to 20.57 per cent in January while core inflation, which excludes the price of volatile agricultural produce stood at 11.85%.
The agency said the percentage change in the average composite CPI for the twelve months period ended January 2021 over the average of the CPI for the previous twelve months period (in 2020), was 13.62 percent, showing a 0.37percentage point increase over 13.25 percent recorded in December 2020.
According to the NBS, 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 agency explained the upward movement in food inflation was caused by increases in the prices of bread, cereals, potatoes, yam and other tubers, meat, fruits, oils and fats, vegetables, and fish.
The statement added: “This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils, and Fats.
“On month-on-month basis, the food sub-index increased by 1.83 percent in January 2021, down by 0.22 percent points from 2.05 percent recorded in December 2020,” NBS said.
“Core inflation, which excludes the prices of agricultural items, stood at 11.85 percent in January 2021, up by 0.48 percentage points when compared with 11.37 percent recorded in December 2020.
“On a year-on-year basis, food inflation was highest in Kogi (26.64 percent), Oyo (23.69 percent), and River (23.49 percent), while Ondo (17.20 percent), Abuja (16.73 percent), and Bauchi (16.37 percent) recorded the slowest rise.”