The Nigerian Bureau of Statistics (NBS) has disclosed that the consumer price index, which measures the rate of increase in prices of goods and services, rose to 15.60% year-on-year in January 2022.
The latest figure was revealed in the Consumer Price Index (CPI) report for January 2022 on Tuesday, 15th February, 2022.
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According to the NBS, the figure shows a drop of 0.87 percent in Nigeria’s inflation rate from the January 2021 figure (16.47%).
Excerpts from the CPI report reads, “On month-on-month basis, the headline index increased to 1.47 percent in January 2022, this is 0.34 percent points lower than 1.82 percent recorded in December 2021.”
“The percentage change in the average composite CPI for the twelve-month period ending January 2022 over the average of the CPI for the previous twelve-month period was 16.87 per cent, showing 0.08 per cent point from 16.95 per cent recorded in December 2021.”