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BREAKING: Nigeria s inflation rate slows to 17 93% in May
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World Bank: High prices pushed 7m Nigerians into poverty in 2020
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Nigeria’s headline inflation hit 16.47 per cent in January 2021, up from 15.8 per cent in December 2020, data from the National Bureau of Statistics (NBS) has shown.
In its Consumers’ Price Index Report for January 2021, the NBS noted that food inflation also rose by 1.01 percentage to 20.57 per cent in January; up from 19.6 per cent in December last year.
According to the report: “The consumer price index, (CPI) which measures inflation increased by 16.47 per cent (year-on-year) in January 2021. This is 0.71 per cent points higher than the rate recorded in December 2020 (15.75 percent). Increases were recorded in all COICOP divisions that yielded the Headline index.