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Sunday, December 4, 2022

Nigeria’s inflation rate dropped to 15.60 percent in January

In January 2022, the consumer price index, which monitors inflation, jumped by 15.60 percent year over year. 

This is 0.87 percentage points lower than the rate of 16.47 percent in January 2021. 

In January, the headline inflation rate slowed compared to the same month the previous year, as shown in the graph. 

This was revealed in the National Bureau of Statistics’ Consumer Price Index data for January 2022, which was issued on Tuesday. 

According to the report, all COICOP divisions that contributed to the Headline index saw increases.  

On a month-to-month basis, the Headline index increased to 1.47 percent in January 2022, down 0.34 percent from 1.82 percent in December 2021. 

The average composite CPI for the twelve-month period ending January 2022 was 16.87 percent higher than the average CPI for the preceding twelve-month period, down 0.08 percent from 16.95 percent in December 2021. 

In January 2022, the urban inflation rate jumped to 16.17 percent from 17.03 percent in January 2021, while the rural inflation rate increased to 15.06 percent from 15.92 percent in January 2021.  

The urban index increased by 0.34 percentage points from December 2021 to 1.53 percent in January 2022, down from 1.87 percent in December 2021. 

In January 2022, the rural index grew to 1.42 percent, down 0.35 percent points from December 2021’s rate of 1.77 percent. 

The equivalent twelve-month year-on-year average percentage change for the urban index is 17.44 percent in January 2022, according to the research. 

This is lower than the 17.52 percent reported in December 2021, while the comparable rural inflation rate is 16.31 percent in January 2022, compared to 16.40 percent in December 2021.  

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