High Food Prices Push Inflation To 16.47%-NBS

Nigeria’s inflation has risen to 16.47 per cent in January due to worsening high food prices according to official data.

The 16.47 per cent represents an increase from the 15.75 per cent recorded in December 2020.

The National Bureau of Statistics disclosed this on Tuesday in its Consumer Price Index for January 2021.

Food inflation rose 20.57 per cent in January 2021 from 19.56 per cent in December 2020, while core Inflation hit  11.85 per cent in January 2021 from the 11.37 per cent recorded in December 2020.

NBDS attributed the rise in the food index to surge in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish and oils and fats.

For the core inflation, the highest increases were recorded in prices of passenger transport by air, medical services, hospital services, passenger transport by road, pharmaceutical products, paramedical services, repair of furniture, vehicle spare parts, motor cars, miscellaneous services relating to the dwelling, maintenance and repair of personal transport equipment.

The urban inflation accelerated to 17.03 per cent (year-on-year) in January 2021 from 16.33 percent recorded in December 2020.

Rural inflation rate jumped to 15.92 percent in January 2021, from the 15.20 percent seen in December 2020.

In January 2021, all items inflation on year on year basis was highest in Kogi at 21.38 per cent, Oyo 20.17 per cent and Bauchi 19.52 per cent, while Kwara, Abuja and Cross River recorded the least at 13.96 per cent, 12.96 per cent and 12.22 per cent respectively.

NBS disclosed that In January 2021, food inflation on a year on year basis was highest in Kogi 26.64 per cent, Oyo 23.69 per cent and River 23.49 per cent, while states with the lowest prices of food were Ondo 17.2 per cent, Abuja 16.73 per cent and Bauchi 16.37 per cent.