The National Bureau of Statistics (NBS) says Nigeria’s inflation rate has risen to 16.47 percent in January 2021.
In its data titled: “Consumer Price Index January 2021(Base Period December 2009=100)” released on Tuesday, the NBS noted that the inflation rate soared by 0.72 percent above the 15.75 for December.
“The consumer price index, (CPI) which measures inflation increased by 16.47 percent (year-on-year) in January 2021.
“This is 0.71 percent points higher than the rate recorded in December 2020 (15.75 percent). Increases were recorded in all COICOP divisions that yielded the Headline index,” the report said.
It pointed out that 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 percent, representing a 0.37 percentage point increase over 13.25 percent recorded in December 2020.
On a month-on-month basis, it noted that the headline index increased by 1.49 percent in January 2021.
