Inflation rises to 12.13% in January 2020
Nigeria’s inflation rate continued in an upward swing last week, hitting a two-year height of 12.13 per cent in January 2020.
The data released in a Consumer Price Index, CPI, report by the National Bureau of Statistics, NBS, for December 2019, indicates a steady rise of prices in the past five months.
The report which comes on the heels Nigeria's border closure indicates a 0.15 per cent points higher than the rate recorded in December 2019 which was 11.98 per cent.
According to the report, month-on-month, the Headline index increased by 0.87 per cent in January 2020, representing a 0.02 per cent rate higher than the rate recorded in December 2019, 0.85 per cent.
“The composite food index rose by 14.85% in January 2020 compared to 14.67% in December 2019.”
The rise in the food index was caused by increases in prices of bread and cereals, meat, oils and fats, potatoes, yam, other tubers, and fish.
On a month-on-month basis, the food sub-index increased by 0.99 in January 2020, up by 0.02% points from 0.97% recorded in December 2019.