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From Isaac Anumihe, Abuja
National Bureau of Statistics (NBS), yesterday, said that the nation recorded an all-time drop in inflation rate to 15.60 per cent in January, 2022, year on year from December’s 15.63 per cent.
Announcing the figure in Abuja, the Statistician General of the Federation (SG), Dr Simon Harry said that the figure is 0.03 per cent lower than the 15.63 per cent recorded in December, 2021.
On food inflation, Harry explained that the composite food index rose by 17.13 per cent in January, 2022 compared to 20.57 per cent in January, 2021.
“This rise in the food index was caused by increases in prices of bread and cereals; food product such as potatoes, yam and other tubers, soft drinks, oils and fats, and fruits. On month-on-month basis, the food sub-index increased by 1.62 per cent in January, 2022, which was down by 0.57 per cent points from 2.19 per cent recorded in December, 2021. The ‘’all items less farm produce’’ or core inflation, which excludes the prices of volatile agricultural produce stood at 13.87 per cent in January, 2022.
“This was higher by 2.02 per cent, when compared to 11.85 per cent, the rate recorded in January, 2021. The highest increases were recorded in prices of electricity, liquid fuel, wine, tobacco, spirit, solid fuels, cleaning, repair and hire of clothing, shoes and other foot wear; other services in respect of personal transport equipment, other services not elsewhere classified and pharmaceutical products” he said.
Meanwhile, the urban inflation rate increased by 16.17 per cent year-on-year in January, 2022 from 17.03 per cent recorded in January 2021, which was lower by 0.86 per cent points. On the other hand, rural inflation rate increased by 15.06 per cent in January 2022 from 15.92 per cent in January 2021, which was lower by 0.86 per cent points. “On a month-on-month basis, the urban index rose by 1.53 per cent in January 2022, which was down by 0.34 per cent points from 1.87 per cent, being the rate recorded in December, 2021. The rural index also rose by 1.42 per cent in January, 2022, which was down by 0.35 per cent points from 1.77 per cent the rate recorded in December, 2021. The corresponding twelve-month year-on-year average percentage change for the urban index was 17.44 per cent in January, 2022. This was lower than 17.52 per cent reported in December, 2021. Rural inflation rate in January, 2022 was 16.31 per cent, compared to 16.40 per cent recorded in December 2021” the SG, noted.
