Rising food prices push inflation to 16.47 percent January ─NBS

*Nigeria’s National Bureau of Statistics has said the rise in the Food Index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish and oils, and fats

Isola Moses | ConsumerConnect

The National Bureau of Statistics (NBS) has stated that Consumer Price Index (CPI), which measures inflation, has increased by 16.47 percent January 2021 in Nigeria.

This is the highest since April 2017.

The NBS in the report released Tuesday, February 16, 2021, indicated that food prices, food inflation also rose to 20.57 percent January, whereas core inflation, which excludes the price of volatile agricultural produce stood at 11.85 percent.

The Bureau stated: “The percentage change in the average composite CPI for the twelve months period ending January 2021 over the average of the CPI for the previous twelve months period was 13.62 percent, representing a 0.37 percentage point increase over 13.25 percent recorded in December 2020.

Foodstuffs

“The urban inflation rate increased by 17.03 percent (year-on-year) in January 2021 from 16.33 percent recorded in December 2020, while the rural inflation rate increased by 15.92 percent in January 2021 from 15.20 percent in December 2020.”

The upward movement in food inflation was caused by increases in the prices of bread, cereals, potatoes, yam and other tubers, meat, fruits, oils and fats, vegetables, and fish, according to the Bureau.

It noted: “This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish and oils, and fats.

“On month-on-month basis, the food sub-index increased by 1.83 percent in January 2021, down by 0.22 percent points from 2.05 percent recorded in December 2020.”

Core inflation, which excludes the prices of agricultural items, stood at 11.85 percent in January 2021, up by 0.48 percentage points when compared with 11.37 percent recorded in December 2020.

On a year-on-year basis, food inflation was highest in Kogi (26.64 percent), Oyo (23.69 percent), and River (23.49 percent), while Ondo (17.20 percent), Abuja (16.73 percent), and Bauchi (16.37 percent) recorded the slowest rise.