Nigeria’s inflation rises to 16.47%
Despite staging a staggering comeback from a devastating economic recession with 0.11 growth in Gross Domestic Product, GDP, Nigeria’s headline inflation rose to 16.47 per cent in January 2021.
A Consumer Pricing Index, CPI, report released by the National Bureau of Statistics, NBS, said food inflation also rose to 20.57 per cent, from 19.56 per cent in December.
An earlier report by the bureau in December indicated that inflation rose at 15.75 per cent during the month from14.89 per cent in November, being its highest level in 32 months
With the 0.86 per cent month-on-month increase in January, Nigeria marked the 16th consecutive month rise in inflation.
Meanwhile, Kogi State led the list of states with the highest inflation rate in January 2021 with 21.38 per cent, closely followed by Oyo State with 20.17 per cent, Bauchi 19.52 per cent, Ebonyi 18.74 per cent, and Benue State 18.33 per cent.
“On the other hand, Cross River recorded the lowest at 12.22% followed by Abuja (12.94%), Kwara (13.96%), Abia (14.03%), and Enugu (14.26%).
“In terms of food inflation, Kogi State also recorded the highest at 26.64%, followed by Oyo State (23.69%). Others on include; Rivers (23.49%), Benue (22.97%), and Kwara (22.76%),” the NBS said.
It noted that the urban inflation rate rose to 17.03 per cent, year-on-year, in January 2021 from 16.33 per cent recorded in December 2020, while the rural inflation rate stood at 15.92 per cent in January 2021 compared to 15.20 per cent recorded in December 2020.
“This is 0.71% points higher than the rate recorded in December 2020 (15.75%),” it said.