Home Business BREAKING: Hike In Food Items Push Inflation To 16.47% In January

BREAKING: Hike In Food Items Push Inflation To 16.47% In January

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The National Bureau of Statistics (NBS) has disclosed that cost of food items such as, Bread and cereals, Potatoes, Yam and others drive the inflation rate to 16.47 per cent in January 2021.

The bureau in its report on Tuesday said the inflation rate rose by 0.71 per cent points higher than the rate recorded in December 2020 (15.75 per cent).

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

The report stated that, “On month-on-month basis, the Headline index increased by 1.49 per cent in January 2021.

“This is 0.12 percentage points lower than the rate recorded in December 2020 (1.61 per cent).

“The percentage change in the average composite CPI for the 12 months period ending January 2021 over the average of the CPI for the previous 12months period was 13.62 per  cent, representing a 0.37 percentage point increase over 13.25 per cent recorded in December 2020.”

The report stated that urban inflation rate increased by 17.03 per cent (year-on-year) in January 2021 from 16.33 per cent recorded in December 2020, while the rural inflation rate increased by 15.92 per cent in January 2021 from 15.20 per cent in December 2020.

“On a month-on-month basis, the urban index rose by 1.52 per cent in January 2021, down by 0.13 percentage points when compared to the rate recorded in December 2020, while the rural index also rose by 1.46 percent in January 2021, down by 0.12 compared to the rate that was recorded in December 2020 (1.58 percent)

“The corresponding twelve-month year-on-year average percentage change for the urban index was 14.23 percent in January 2021.

“This is higher than the 13.86 percent reported in December 2020, while the corresponding rural inflation rate in January 2021 was 13.04 percent compared to 12.67 percent recorded in December 2020,” the report explained.

The NBS report added that the composite food index rose by 20.57 percent in January 2021 compared to 19.56 per cent in December 2020.

“This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils and Fats.

“On month-on-month basis, the food sub-index increased by 1.83 per cent in January 2021, down by 0.22 per cent points from 2.05 per cent recorded in December 2020

“The average annual rate of change of the Food sub-index for the 12-month period ending January 2021 over the previous twelve-month average was 16.66 per cent, 0.49 per cent points higher than the average annual rate of change recorded in December 2020 (16.17 per cent).”

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