Nigeria’s inflation rate drops to 15.6% in January

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The consumer price index measures which measure inflation has increased by 15.6 percent in January, year on year. This was 0.87 percent points lower than the rate recorded in January 2021 (16.47) percent.

The Statistician-General of the Federation, Dr Simon Harry, disclosed this on Tuesday during a press briefing at the National Bureau of Statistics, Abuja. He said on a month-on-month basis, the headline index increased by 1.47 percent in January 2022 which was 0.34 percent points lower than the 1.82 percent recorded in December 2021.

According to him, the urban inflation rate increased by 16.17 percent year-on-year in January 2022 from 17.03 percent recorded in January 2021, which was lower by 0.86 percent points.

On the other hand, the rural inflation rate increased by 15.06 percent in January 2022 from 15.92 percent in January 2021, which was lower by 0.86 percent points. On a month-on-month basis, the urban index rose by 1.53 percent in January 2022, which was down by 0.34 percent points from 1.87 percent, being the rate recorded in December 2021.

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