ByÂ Babajide Komolafe
The National Bureau of Statistics yesterday announced a 0.3 per cent increase in inflation to 12.3 per cent in January.
According to the Bureau, inflation, which measures the rate of increase in the general prices of goods and services,Â rose to 12.3 per cent in January from 12 per cent in December.
A statement by the Bureau said â€œThe Composite Consumer Price Index (CPI) rose 12.3 per cent year on year in January 2010 and it is higher than 12.0 per cent increase recorded in the previous month.
The monthly change of the CPI was 0.9 per cent increase in January 2010 when compared with December 2009.
The urban All Items index rose by 0.1 per cent while the corresponding rural index increased by 1.2 per cent in January 2010 when compared with their preceding month.
The year on year average consumer price level as at January 2010 for urban and rural dwellers rose by 8.0 and 14.5 per cent respectively.
The percentage change in the average composite CPI for the twelve month period ending January 2010 over the average of the CPI for the previous twelve month period was 12.2 per cent. This was slightly lower than what was recorded by making similar comparison in December 2009.
The corresponding 12Â month average per cent change for urban and rural indices rose by 8.8 and 14.0 respectively.
Average monthly food prices rose by 1.3 per cent in January 2010 when compared with December of 2009.
The level of the Composite Food Index was higher than the corresponding level a year ago by 14.0 per cent.
The average annual rate of rise of the index was 14.3 per cent for the twelve month period ending January 2010.
The rise in the index was caused by increase in the prices of some food items like rice, gari, yam, meat, sea food, cooking oil, fruits, tomatoes fresh, vegetables and non-alcoholic beverages.
The â€œAll items less Farm Produceâ€ index, which excludes the prices of agricultural produce, rose by 0.3 per cent in January 2010 when compared with December 2009.
The rise was due to slight increase in the prices of cooking gas, liquid fuels and some household goods and equipments.
In the twelve month to January 2010, the index rose by 10.1 per cent while the average annual rate of rise of the index was 9.3 per cent for the twelve month period ending January 2010.