NBS reveals rise in food inflation to 20.5% in January

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By Francis Ogwo

The National Bureau of Statistics (NBS) has disclosed that the consumer price index (CPI), which measures inflation, rose by 16.47 per cent year on year in January 2021.

This is also with food inflation rising by 20.57 per cent in January 2021 compared to 19.56 per cent in December 2020.

“This is 0.71 per cent points higher than the rate recorded in December 2020 (15.75 per cent).

“On a month-on-month basis, headline index increased by 1.49 per cent in January 2021. This is a 0.12 percentage points lower than the rate recorded in December 2020 which is 1.61 per cent.

“Rise in the food index was caused by increase in prices of bread and cereals, potatoes, yam, and other tubers, meat, fruits, vegetable, fish and oils and fats.

“On a month on month basis, the food sub-index increased by 1.83 per cent in January 2021, down by 0.22 percentage points from 2.05 per cent recorded in December 2020, the bureau said in its report”

A consumer price index measures changes in the price level of a weighted average market basket of consumer goods and services purchased by households.

It is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically.

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