The consumer price index (CPI) which measures inflation has jumped by 16.47 per cent year-on-year last January, according to the National Bureau of Statistics (NBS). This is 0.71 per cent higher than what was recorded last December.
The month-on-month basis headline index rose by 1.49 per cent in January 2021, 0.12 points higher than the measurement in December.
Urban inflation also rose by 17.03 per cent y-o-y and 1.52 per cent m-o-m in January. Rural inflation increased by 15.92 per cent y-o-y and 1.46 per cent m-o-m in the same month.
CPI in Nigeria has continued increasing over the past months and years. Last year Nigeria sunk into the worst recession it has had in four decades.