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National Bureau of Statistics (NBS), yesterday said Nigeria’s inflation rate rose by 12.13 per cent in January, 2020 as against 11.98per cent in December, 2019.
The Bureau’s website, had attributed the rise to high food prices across the country.
“The composite food index rose by 14.85 per cent in January 2020 compared to 14.67 per cent in December 2019. This rise in the food index was caused by increases in prices of bread and cereals, meat, oils and fats, potatoes, yam and other tubers and fish,” it said.
The increase, the Bureau, said was 0.15 per cent higher than the rate recorded in December 2019 (11.98 per cent). On month-on-month basis, it said, the headline index increased by 0.87 per cent in January 2020 which was 0.02 per cent higher than the rate recorded in December 2019 (0.85) per cent.
“The percentage change in the average composite Composite Price Index (CPI) for the 12 months period ending January 2020 over the average of the CPI for the previous 12 months period was 11.46 per cent, showing 0.06 per cent point from 11.40 per cent recorded in December 2019.
