Inflation Rate (Monthly)



Period CPI Core Food
Feb 2021 17.33 12.38 21.79
Jan 2021 16.47 11.85 20.57
Dec 2020 15.75 11.37 19.56
Nov 2020 14.89 11.05 18.30
Oct 2020 14.23 11.14 17.38
Sep 2020 13.71 10.58 16.66
Aug 2020 13.22 10.52 16.00
Jul 2020 12.82 10.10 15.48
Jun 2020 12.56 10.13 15.18
May 2020 12.40 10.12 15.04




Insight

Nigeria's Consumer Price Index (CPI) which measures inflation, increased by 16.47% (year-on-year) in January 2021. This is 0.71% points higher than the rate recorded in December 2020 (15.75%).

Nigeria's inflation rose to 16.47% in January 2021, higher than the rate (15.75%) recorded in December 2020, and 14.89% in November 2020, rising to the highest rate recorded since April 2017.

The composite food index rose by 20.57% in January 2021 compared to 19.56% in December 2020.

The rise in the food index was attributed to increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, vegetables, Fish and Oils and Fats.

The ''All items less farm produce'' or Core inflation, which excludes the prices of volatile agricultural produce increased by 0.48% to 11.85% in January 2021, from 11.37% recorded in December 2020.

The CPI takes into account the average change over time in the prices of goods and services consumed by people for day-to-day living.

Data Source: Nigeria Bureau Statistics

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