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Nigeria’s inflation rate has to 16.47% (year-on-year) in January 2021 as against 15.75% recorded in December 2020.

This was contained in the latest report released by the National Bureau of Statistics (NBS) disclosing that the Consumer Price Index (CPI), which measures inflation, increased 0.71%.

The NBS blamed the increase on higher food and commodity prices saying the composite food index rose by 20.57 per cent in the period under review compared to 19.56 per cent in the preceding month.

While the “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.85% in January 2021, up by 0.48% when compared with 11.37% recorded in December 2020.


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