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Food Price Increase Forces Inflation To Hit 12.13% Rise In January

A file photograph taken at a meals market

 

Knowledge from the Nationwide Bureau of Statistics (NBS) reveals that improve in meals costs has pressured Nigeria’s inflation for the month of January 2020 to hit 12.13 p.c, zero.15 p.c factors increased than the speed recorded in December 2019 (11.98 p.c).

The report from NBS launched on Tuesday said that the composite meals index rose by 14.85 p.c in January 2020 in comparison with 14.67 p.c in December 2019.

It revealed that the rise within the meals index was brought on by will increase in costs of Bread and Cereals, Meat, Oils and fat, Potatoes, yam and different tubers and Fish.

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

On a month on month foundation, meals inflation was highest in Ondo (2.95%), Anambra (2.61%) and Abuja (2.57%), whereas Benue, Kogi and River recorded value deflation.

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