BREAKING: Inflation Rate Drops To 15.60% In January, Says NBS

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    The National Bureau of Statistics (NBS) on Tuesday said Nigeria’s headline inflation reversed the upturn recorded in December 2021 as it moderated slightly by three basis points to 15.60 per cent y/y in January 2022 from 15.63 per cent reported in  December 2021.

    According to NBS, on a month-on-month basis, headline inflation moderated by 34basis points to 1.47per cent.

    The report stated that Food inflation moderated by 24basis points to 17.13per cent y/y from 17.37 per cent in December 2021.

    The report added: “Notably, pressures were most significant in the prices of bread and cereals, potatoes, yam and other tubers, soft drinks, oils and fats, and fruit.

    “On a month-on-month basis, food inflation rose by 1.62per cent, relative to the 2.19per cent m/m recorded in the previous month.

    “Elsewhere, core inflation settled at 13.87per cent  y/y. Pressures were most significant in the prices of electricity, liquid fuel, wine, yobacco, spirit, solid fuels, cleaning, repair and hire of clothing, shoes and other footwear, other services in respect of personal transport equipment, other services and pharmaceutical products.

    “Compared to the previous month, the core index rose by 13basis points to 1.25per cent m/m in January 2022.”

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