Nigeria’s inflation dropped slightly to 15.6 percent in January 2022 from the 15.63 percent recorded in the month of December 2021.
Gatekeepers News reports that the latest figure was contained in the consumer price index report released by the National Bureau of Statistics (NBS) on Tuesday.
On a month-on-month basis, the headline index increased to 1.47% in January 2022, this is 0.34% points lower than 1.82% recorded in December 2021.
According to the NBS report, food inflation, which accounts for all volatile agricultural produce decreased to 17.13% in the review month, from 17.37% recorded in the previous month.
The NBS stated that the rise in the food index was caused by increases in prices of bread and cereals, food product, potatoes, yam and other tubers, soft drinks, oils and fats and fruit.
The average annual rate of change of the Food sub-index for the twelve-month period ending January 2022 over the previous twelve-month average was 20.09%, 0.31% points from the average annual rate of change recorded in December 2021 (20.40%).
Also, the ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood flat at 13.87% in January 2022, the same as recorded in December 2021.
The highest increases were recorded in prices of electricity, liquid fuel, wine, tobacco, spirits, solid fuels, cleaning, repair and hire of clothing, shoes and other footwear, other services in respect of personal transport equipment, and pharmaceutical products.
