Inflation rises to 12.13% in January – NBS

Lagos Market
Lagos Market

THE National Bureau of Statistics (NBS) says the Consumer Price Index (CPI) which measures inflation increased by 12.13 percent year-on-year in January 2020.

The NBS made this known in its report on Inflation released on Tuesday.

It stated that this increase was 0.15 percent points higher than the rate recorded in December 2019, which was 11.98 percent.

The bureau explained that the increases were recorded in all Classification of Individual Consumption by Purposes (COICOP) divisions that yielded the headline index.

According to NBS, a month-on-month basis, the headline index increased by 0.87 percent in January 2020 and this is 0.02 percent rate higher than the rate recorded in December 2019, which was 0.85 percent.

“The percentage change in the average composite CPI for the 12 months period ending January 2020, over the average of the CPI for the previous 12 months period was 11.46 percent, showing 0.06 percent point from 11.40 percent recorded in December 2019.

“The urban inflation rate increased from 12.62 percent in December to 12.78 percent year on year in January 2020, while the rural inflation rate increased from 11.41 percent in December 2019 to 11.54 percent in January 2020.

“On a month-on-month basis, the urban index rose from 0.90 percent recorded in December 2019 to 0.92 percent in January 2020, up by 0.02, while the rural index also rose by 0.83 percent in January 2020, up by 0.01 from the rate recorded in December 2019, which was 0.82 percent.

“The corresponding 12-month year-on-year average percentage change for the urban index is 11.92 percent in January 2020. This is higher than 11.83 percent reported in December 2019.

“While the corresponding rural inflation rate in January 2020 is 11.04 percent compared to 11.00 percent recorded in December 2019,” it explained.

The bureau stated that the highest increase recorded was on oil and fats, fish, meat, potatoes, yam, and other tubers as well as bread and cereals. (NAN)

– Feb. 18, 2020 @ 11:35 GMT |

Click Banner for Details