The consumer price index, (CPI) which measures inflation increased by 12.13 percent (year-on-year) in January 2020. This is according to the monthly inflation report for January released Tuesday by Nigerian Bureau of Statistics.
The January increase in inflation is 0.15 percent points higher than the rate recorded in December 2019 (11.98) percent.
Increases were recorded in all COICOP divisions that yielded the Headline index; the report stated
On month-on-month basis, the Headline index increased by 0.87 percent which is 0.02 percent rate higher than the 0.85 percent recorded in December 2019.
The report further stated that the percentage change in the average composite CPI for the twelve months period ending January 2020 over the average of the CPI for the previous twelve months period was 11.46 percent, showing 0.06 percent point from 11.40 percent recorded in December 2019.
The urban inflation rate increased by 12.78 percent (year-on-year) in January 2020 from 12.62 percent recorded in December 2019, while the rural inflation rate increased by 11.54 percent in January 2020 from 11.41 percent in December 2019.
On a month-on-month basis, the urban index rose by 0.92 percent in January 2020, up by 0.02 from 0.90 percent recorded in December 2019, while the rural index also rose by 0.83 percent in January 2020, up by 0.01 from the rate recorded in December 2019 (0.82) percent.
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The corresponding twelve-month year-on-year average percentage change for the urban index is 11.92 percent in January 2020. This is higher than 11.83 percent reported in December 2019, while the corresponding rural inflation rate in January 2020 is 11.04 percent compared to 11.00 percent recorded in December 2019.
Food Index
Reporting on Food Index, Nigerian Bureau of Statistics stated in the report that the composite food index rose by 14.85 percent in January 2020 compared to 14.67 percent in December 2019. The rise was caused by increases in prices of Bread and Cereals, Meat, Oils and fats, Potatoes, Yam and other tubers and Fish.
On month-on-month basis, the food sub-index increased by 0.99 0.97 percent in January 2020, up by 0.02 percent points from 0.97 percent recorded in December 2019.
The average annual rate of change of the Food sub-index for the twelve-month period ending January 2020 over the previous twelve-month average was 13.86 percent, 0.12 percent points from the average annual rate of change recorded in December 2019 (13.74) percent.
All items less farm produce
NBS continued in the report that the ”All items less farm produce” or Core inflation, stood at 9.35 percent in January 2020, rising by 0.02 percent when compared with 9.33 percent recorded in December 2019. Core inflation excludes the prices of volatile agricultural produce
On month-on-month basis, the core sub-index increased by 0.82 percent in January 2020. This was up by 0.01 percent when compared with 0.81 percent recorded in December 2019.
The highest increases were recorded in prices of Hospital services, Vehicle spare parts, Cleaning, Repair and hire of clothing, Shoes and other footwear, Glassware, tableware and household utensil, airdressing saloons and personal grooming establishments, Repair and hire of footwear, Garments and Passenger transport by air.
The average 12-month annual rate of change of the index was 9.11 percent for the twelve-month period ending January 2020; this is 0.04 percent points lower than 9.15 percent recorded in December 2019.
