Nigeria’s inflation slows to 15.6% in January

After breaking an 8-month downward trajectory in December 2021, Nigeria’s headline inflation, year- on- year slowed marginally to 15.6% in January 2022.

This was a 0.03% slide from the 15.63% recorded last December.

The National Bureau of Statistics (NBS), in a Consumer Price Index report released on Tuesday, attributed the marginal decrease to slowed demand in January, particularly after the Yelutide when prices surged.

The Statistician-General of the Federation, Simon Harry had indicated last month that the December inflation uptick, on the back of huge demand during Christmas was transitory and would therefore ease over time.

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The headline inflation is about 02.% higher than the 15.40% in November 2021.

Food inflation settled at 17.13% from December as against 17.37% the previous month.

Core inflation during the period remained unchanged at 13.87%.

…Details shortly

Onyinye Nwachukwu

Onyinye Nwachukwu is the Abuja Bureau Chief of BusinessDay, overseeing coverage across Abuja and Northern Nigeria. With more than two decades of experience in economic and financial journalism, she reports on business, policy, and market trends, linking local developments to the global economy. A fellow of the International Monetary Fund (IMF) and recipient of the P. Vishwanathan Memorial Award for Excellence in Financial Journalism, she is known for her insightful storytelling and interviews with senior policymakers, diplomats, and business leaders. Well traveled and globally minded, Onyinye brings depth and international perspective to her reporting.