Finance

Food Prices Force Inflation To Hit 12.13% Rise In January

Data from the National Bureau of Statistics (NBS) shows that increase in food prices has forced Nigeria’s inflation for the month of January 2020 to hit 12.13 percent, 0.15 percent points higher than the rate recorded in December 2019 (11.98 percent).

The report from NBS released on Tuesday stated that the composite food index rose by 14.85 percent in January 2020 compared to 14.67 percent in December 2019.

It revealed that the rise in the food index was caused by increases in prices of Bread and Cereals, Meat, Oils and fats, Potatoes, yam and other 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 basis, food inflation was highest in Ondo (2.95%), Anambra (2.61%) and Abuja (2.57%), while Benue, Kogi and River recorded price deflation.

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