The consumer price index, which measures the rate of increase in the price of goods and services, drops by 0.87 percent to 15.60 percent year-on-year in January 2022.
This is compared to 16.47 percent rate recorded in January 2021.
According to the National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) report for January 2022 released on Tuesday, increases were recorded in all COICOP divisions that yielded the headline index.
“On a month-on-month basis, the Headline index increased to 1.47 percent in January 2022, this is 0.34 percent points lower than 1.82 percent recorded in December 2021,” the report reads.
“The percentage change in the average composite CPI for the twelve-month period ending January 2022 over the average of the CPI for the previous twelve-month period was 16.87 percent, showing 0.08 percent point from 16.95 percent recorded in December 2021.”
The NBS disclosed in the report that the food index increased, though at a slower pace, by a hike in prices of bread and cereals, food product, potatoes, yam and other tuber, soft drinks, oils and fats and fruit.
The food inflation on a year-on-year basis was highest in Kogi at 22.61 per cent, Enugu at 19.84 per cent and Akwa-Ibom at 19.67 per cent, while Sokoto at 14.18 per cent, Bauchi at 14.63 per cent and Kaduna at 15.01 per cent recorded the lowest rise in January 2022.
The percentage change in the average composite consumer price index (CPI) for the 12-month period ending January 2022 over the average of the CPI for the previous 12-month period was 16.87 per cent, showing a 0.08 per cent point from 16.95 per cent recorded in December 2021.
On a month-on-month basis, the food sub-index increased to 1.62 per cent in January 2022, down by 0.57 per cent points from 2.19 per cent recorded in December 2021.
