Inflation rises to 12.13%, driven by increase in food prices

By our reporter| The consumer price index which measures inflation rose to 12. 13 percent according to data from the National Bureau of Statistics (NBS) on Tuesday.

According to the report, an increase in food prices forced Nigeria’s inflation for the month of January 2020 to hit 12.13 percent, the highest in almost two years.

The report stated that the composite food index rose by 14.85 percent in January 2020 compared to 14.67 percent in December 2019.

It also revealed that the rise in the food index was caused by increases in prices of Bread and Cereals, Meat, Oils and fats, Potatoes, yam, and other tubers and Fish.

The report said, “In January 2020, food inflation on a year on year basis was highest in Sokoto (19.08%), Ogun (18.72%) and Nasarawa (17.07%), while Bayelsa (12.91%), Delta (11.57%) and Benue (11.33%) recorded the slowest rise.”

On a month on month basis, food inflation was highest in Ondo (2.95%), Anambra (2.61%) and Abuja (2.57%), while Benue, Kogi and River recorded price deflation.

Meanwhile, urban inflation rate increased by 12.78 percent in January 2020, while the rural inflation rate increased by 11.54 percent in the same month in review.

According to the latest report, Nigeria’s inflation rose to five months high and the last time similar figures were reported was in April 2018 when it dropped to 12.48 percent from 13.4% in March.

The country’s inflation rate had dropped from 11.40% in May 2019 to 11.02% recorded in August, but the recent rise in inflation started in September with 11.24%.