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Inflation Rises by 12.13% in January – NBS

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Inflation, Nigeria
inflation

By Emmanuel Elebeke

The consumer price index, (CPI) which measures inflation increased by 12.13 percent (year-on-year) in January 2020.

This is 0.15 percent points higher than 11.9 percent rate recorded in December 2019.

According to the National Bureau of Statistics, NBS monthly CPI report posted on its website on Tuesday, the increases were recorded in all Classification of individual consumption by purpose, COICOP divisions that yielded the headline index.

On month-on-month basis, the Headline index increased by 0.87 percent in January 2020, this is 0.02 percent rate higher than the rate recorded in December 2019 (0.85) percent.

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

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

READ ALSO: NSE market indices record 0.02% marginal growth

The corresponding twelve-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.

Vanguard

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