The National Bureau of Statistics has revealed in a report on Tuesday how Nigeria’s inflation rate dropped in January 2022 compared to the same month in 2021.
According to the report, the country in January last year recorded a 16.47 per cent increase in inflation.
It, however, reported on Tuesday that the consumer price index which measures inflation had increased to 15.60 per cent year-on-year in January 2022.
Naija News understands that this is 0.87 per cent points lower than the rate recorded in January 2021.
The new figure shows that the headline inflation rate slowed down in January when compared to the same month in the previous year.
According to the report, increases were recorded in all COICOP divisions that yielded the Headline index.
On a month-on-month basis, the Headline index increased to 1.47 per cent in January 2022, this is 0.34 per cent points lower than the 1.82 per cent 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 per cent, showing 0.08 per cent point from 16.95 per cent recorded in December 2021.
The urban inflation rate increased to 16.17 per cent year-on-year in January 2022 from 17.03 per cent recorded in January 2021, while the rural inflation rate increased to 15.06 per cent in January 2022 from 15.92 per cent in January 2021.
The urban index on a month-on-month basis rose to 1.53 per cent in January 2022, down by 0.34 per cent points from 1.87 per cent the rate recorded in December 2021, Naija News understands.
The rural index also rose to 1.42 per cent in January 2022, down by 0.35 per cent points from 1.77 per cent of the rate recorded in December 2021.
The report added that the corresponding twelve-month year-on-year average percentage change for the urban index is 17.44 per cent in January 2022.
This is lower than 17.52 per cent reported in December 2021, while the corresponding rural inflation rate in January 2022 is 16.31 per cent compared to 16.40 per cent recorded in December 2021.