Nigeria’s inflation rises to 16.47%, highest in 44 months

The consumer price index which measures inflation increased by 16.47 per cent (year-on-year) in January 2021.

This is the highest figure recorded in the country since April 2017.

The National Bureau of Statistics disclosed this in its Consumer Price Inflation report for January on Tuesday.

It stated that the figure is 0.71 per cent points higher than the rate recorded in December 2020 (15.75 per cent).

Increases were recorded in all COICOP divisions that yielded the headline index.

The percentage change in the average composite CPI for the 12 months period ending January 2021 over the average of the CPI for the previous 12 months period was 13.62 per cent, representing a 0.37 percentage point increase over 13.25 per cent recorded in December 2020.

This is 0.12 percentage points lower than the rate recorded in December 2020 (1.61 per cent).

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