Values from the Consumer Price Index report for January 2021 supplied by the National Bureau of Statistics, NBS shows an inflation rate of 16.47% (year-on-year) in Nigeria.
The number exceeds the December 2020 inflation rate of 15.75% by 0.71% points, the report explains. With a month-on-month increase of 1.49%, it is lower than December’s rate of 1.61% by 0.12 percentage points.
The percentage change in the average composite CPI for the twelve months period ending January 2021 over the average of the CPI for the previous twelve months period was 13.62%. This represents a 0.37% point increase over 13.25% recorded in December 2020.
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Key Components of Nigeria’s Inflation Rate in January 2021
The Individual Consumption by Purpose (COICOP) has 12 divisions which all recorded slight increases to yield the Headline index.
The report listed a 20.57% rise in food inflation in January 2021, in relation to 19.56% for December 2020. The rise in the prices of bread and cereals, potatoes, yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils and Fats influenced food inflation in January 2021.
The highest rise in the food inflation rate was from Kogi, Oyo, Rivers – 26.64%, 23.69%, 23.49% respectively.
Furthermore, there is the month-on-month record of food inflation for January 2021 and the highest rates were from Oyo, Lagos, River – 4.47%, 3.86%, 3.11% respectively.
Similarly, Akwa Ibom and Bayelsa – 0.25% and 0.13% respectively recorded the slowest rise. A deflation was recorded in Edo state in general prices of food.
Core inflation went up by 0.48% to be at 11.85% relative to the 11.37% recorded in December 2020. This excludes items generally subject to volatile prices.
The core sub-index increased by 1.26% in January 2021, a 0.16% increase in relation to the 1.10% recorded in December 2020.
All items inflation (YoY) in January 2021 were highest in:
- Kogi State – 21.38%
- Oyo – 20.17%
- Bauchi – 19.52%
All items inflation (YoY) in January 2021 were slowest in:
- Kwara – 13.96%
- Abuja – 12.96%
- Cross River – 12.22%
All items inflation (MoM) in January 2021 were highest in:
- Oyo – 4.28%
- Ebonyi – 3.95%
- Lagos – 3.33%
Abuja, Edo and Cross River recorded price deflation in January 2021.
Other components of the Nigerian Inflation rate
The urban inflation rate saw an increase from 16.33% in December 2020 to 17.03% (year-on-year) in January 2021 with an average percentage change of 14.23%. The rural inflation rate increased from 15.20% in December 2021, to 15.92% in January with an average percentage change of 13.04%.
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The year on year percentage change for the urban and rural indexes for January was higher than those of December which were 13.86% and 12.67% respectively.
Full data available on the latest Consumer Price Index report by the National Bureau of Statistics (NBS).