The consumer price index, (CPI) which measures inflation accelerated by 16.47 percent in January 2021, a 0.71 percent point increase from 15.75 percent in December 2020, marking the 17th-consecutive uptrend since September 2019 and the highest in 34 months, a BusinessDay analysis shows.
Data from the January 2021 inflation report by the National Bureau of Statistics (NBS) released this morning, showed that inflation rose month-on-month by 1.49 percent, which is 0.12 percentage points higher than 1.61 percent recorded in December 2020.
Food inflation rose by 20.57 percent month-on-month compared to 19.56 percent in December 2020.
The major drivers of the rise in Nigeria’s food index are bread, cereal, meat, fruits, vegetables, oil & fat, potatoes, fish, yam and other tubers.
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Core inflation, which excludes the prices of volatile agricultural produce stood at 11.85 percent month-on-month, up 0.48 percent compared to 11.37 percent in December 2020.
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