Nigeria’s inflation hits 16.47% – food prices hit record high

Nigeria’s consumer price index, (CPI) that measures inflation increased by 16.47% (year-on-year) in January 2021. This is 0.71% points higher than the rate recorded in December 2020 (15.75%).

This is according to the latest Consumer Price Index report, released by the National Bureau of Statistics.

According to the report, Nigeria’s headline inflation has risen to its highest in over three years while food inflation rose to its highest since July 2008, when it stood at 20.9%.

On a month-on-month basis, the Headline index increased by 1.49% in January 2021. This is 0.12% points lower than the rate recorded in December 2020 (1.61%).

It was recorded that Kogi State led the list of states with the highest inflation rate in January 2021 with 21.38%. Closely followed by Oyo State with 20.17%, Bauchi (19.52%), Ebonyi (18.74%), and Benue State (18.33%). On the other hand, Cross River recorded the lowest at 12.22% followed by Abuja (12.94%), Kwara (13.96%), Abia (14.03%), and Enugu (14.26%). In terms of food inflation, Kogi State also recorded the highest at 26.64%, followed by Oyo State (23.69%).