Nigeria’s Inflation Rate Rises To 12.20 Per Cent

The report showed that food inflation increased marginally year on year to 14.90 per cent in January 2020 compared to 14.85 per cent in January 2019.

Nigeria’s inflation rate has risen from 12.13 per cent in January to 12.20 per cent in February 2020.

This is according to the data released by the National Bureau of Statistics on Tuesday.

The report showed that food inflation increased marginally year on year to 14.90 per cent in January 2020 compared to 14.85 per cent in January 2019.

Core Inflation also rose to 9.43 per cent in January 2020 compared to the 9.35 per cent in January 2019.

Earlier in January, data from the NBS showed that food prices forced Nigeria’s inflation for the month to hit 12.13 per cent, recording five months of consecutive increase.

The increase is 0.15 per cent points higher than the rate recorded in December 2019 (11.98 per cent).

The report from NBS stated that the composite food index rose by 14.85 per cent in January 2020 compared to 14.67 per cent in December 2019.

It revealed that the rise in the food index was caused by increases in prices of bread and cereals, meat, oils and fats, potatoes, yam and other tubers and fish.

“In January 2020, food inflation on a year on year basis was highest in Sokoto (19.08 per cent), Ogun (18.72 per cent) and Nasarawa (17.07 per cent), while Bayelsa (12.91 per cent), Delta (11.57 per cent) and Benue (11.33 per cent) recorded the slowest rise.”