Nigeria’s inflation rate fell to 15.6% in January 2022, reversing an upward trend exhibited in December 2021 after it increased to 15.63%.

The National Bureau of Statistics (NBS) released the consumer price index report.

Compared to December, the headline index increased by 0.34% points to 1.47% in January 2022.

The inflation rate for food, which includes all volatile agricultural products, decreased to 17.13% in the review month, from 17.37% in the previous month.

The report notes that the increase in the food index can be attributed to increases in bread and cereal prices, as well as potatoes, yams, oils, and fats and fruit.

For the twelve-month period ending January 2022, the average annual rate of change of the Food sub-index over the previous twelve-month average was 20.09%, marking an increase of 0.31% points compared to December 2021 (20.40%).

The headline inflation rate for January 2022 remained flat at 13.87%, the same as December 2021 when excluding volatile agricultural produce prices, as well as the ”All items less farm produce” or Core inflation rate.

Electricity, liquid fuels, wine, tobacco, spirits, solid fuels, repairs and cleaning services of clothing, footwear, and other goods and services related to personal transportation equipment recorded the highest price increases.

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