Inflation rate decreases to 15.60 per cent, says NBS

The National Bureau of Statistics (NBS) on Tuesday said that the inflation rate decreased from 15.63 per cent in December 2021 to 15.60 per cent in January 2022.

The Statistician-General of the Federation, Dr. Simon Harry broke the news to reporters in Abuja.

Giving the summary, he said: “In summary and in attempt to make a comparison between the January, 2022 and December, 2021 figures, it is important to note that

“Headline Inflation for the month of January, 2022 was 15.60%, while that of December, 2021 was 15.63%.”

He added that Core Inflation for January, 2022 was 13.87% while that of December 2021 was also 13.87%.

According to him: “Food Inflation for January, 2022 was 17.13 percent compared to 17.37%, percent in December, 2021.”

The NBS boss noted that Urban inflation rate stood at 16.17 percent year-on-year in January, 2022 the same with the December, 2021 figure of 16.17%.

On the other hand, according to him, Rural Inflation was 15.06% and 15.11% in January, 2022 and December, 2021 respectively.

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On State–by–State comparison, Harry said, all items inflation on year-on- year basis was highest in Abuja with 18.59% followed by Kogi with 18.28% and Bauchi, 17.61%. On the other hand, he said, Kwara recorded the lowest with 12.94% followed by Niger with 14.10% and Oyo, 14.19%

“Still on State – by – State, food inflation on a year-on-year basis was highest in Kogi with 22.61% followed by Enugu with 19.84% and Akwa-Ibom (19.67%), while Sokoto had 14.18%, Bauchi (14.63%) and Kaduna (15.01%) as the lowest in January 2022,” he said.