Nigeria’s inflation rate falls to 15.60% in January


The consumer price index, which measures inflation increased to 15.60 percent year-on-year in January 2022.

This is 0.87 percentage point lower than the January 2021 rate (16.47 percent).

According to the data, the headline inflation rate slowed in January compared to the same month the previous year.

This was revealed by the National Bureau of Statistics in its Consumer Price Index report for January 2022, which was released on Tuesday.

According to the report, increases were recorded in all COICOP divisions that yielded the Headline index.

On month-on-month basis, the Headline index increased to 1.47 percent in January 2022, this is 0.34 percent points lower than 1.82 percent recorded in December 2021.

The percentage change in the average composite CPI for the twelve-month period ending January 2022 over the average of the CPI for the previous twelve-month period was 16.87 percent, showing 0.08 percent point from 16.95 percent recorded in December 2021.

The urban inflation rate increased to 16.17 percent year-on-year in January 2022 from 17.03 percent recorded in January 2021, while rural inflation rate increased to 15.06 percent in January 2022 from 15.92 percent in January 2021.

On a month-to-month basis, the urban index increased to 1.53 percent in January 2022, a 0.34 percent point decrease from the rate of 1.87 percent in December 2021.

The rural index increased to 1.42 percent in January 2022, down 0.35 percent points from 1.77 percent in December 2021.

According to the report, the corresponding twelve-month year-on-year average percentage change for the urban index in January 2022 is 17.44 percent.

This is lower than the 17.52 percent reported in December 2021, while the rural inflation rate in January 2022 is 16.31 percent, compared to 16.40 percent in December 2021.