National Bureau of Statistics Headquarters, Abuja

Inflation up by 12.13% January 2020, says NBS

Web Editor | ConsumerConnect

In January, which is very first month of the new year, the Consumer Price Index (CPI) that measures inflation, rose by 12.13 percent (year-on-year) in the Nigeria economy.

The latest increase is 0.15 percent points higher than 11.9 percent rate recorded in December 2019, and this indicates that consumers have had to pay more for products and services consumed in the economy.

ConsumerConnect gathered from the National Bureau of Statistics (NBS), Abuja, FCT, monthly CPI report on its Web site Tuesday, the increases were recorded in all what is described as the 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, which was 0.85 percent.

The percentage change in the average composite CPI for the 12-month period ending January 2020 over the average of the CPI for the previous 12-month 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.

Whereas the rural index also rose by 0.83 percent in January 2020, and up by 0.01 from the rate recorded in December 2019, that is 0.82 percent.

The corresponding 12-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.

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