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The consumer price index (CPI), which measures inflation, fell to 15.60 percent (year-on-year) in January 2022 from 15.63 percent recorded in December 2021, the National Bureau of Statistics said. statistics (NBS).
On an annual basis, it was 0.87% lower than the rate recorded in January 2021 (16.47%).
The headline index rose 1.47% in January, down 0.34% from the 1.82% recorded in December 2021.
The NBS released the CPI report yesterday.
Core inflation for January was 13.87%, same as December 2021, while food inflation for January was 17.13% compared to 17.37% in December.
The urban inflation rate stood at 16.17% year-on-year in January, the same as in December 2021.
In contrast, rural inflation was 15.06% and 15.11% in December 2021 respectively.
On a state-by-state comparison, inflation for all items on an annual basis was highest in Abuja at 18.59%, followed by Kogi at 18.28% and Bauchi at 17.61%.
On the other hand, Kwara recorded the lowest with 12.94% followed by Niger with 14.10% and Oyo with 14.19%.
The composite food index increased by 17.13% in January 2022, compared to 20.57% in January 2021.
The rise in the food price index was caused by higher prices for bread and cereals, food products such as potatoes, yams and other tubers, soft drinks, oils and fats and fruit.
Month-over-month, the food sub-index rose 1.62% in January, down 0.57% from the 2.19% recorded in December 2021.
“All products less agricultural products” or core inflation, which excludes the prices of volatile agricultural products, stood at 13.87% in January 2022.
This figure was 2.02% higher, compared to 11.85%, the rate recorded in January 2021.
The largest increases were recorded for the prices of electricity, liquid fuels, wine, tobacco, spirits, solid fuels, cleaning, repair and rental of clothing.
Others are footwear and other footwear, other personal transport equipment services, other services not elsewhere classified, and pharmaceuticals.

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