National Bureau of Statistics has said that Nigerians living in Abuja, Kogi and Bauchi experienced highest increases in consumer prices in the Month of January 2022. The Bureau in its latest data on inflation posted on its website said “in January 2022, all items inflation on year-on- year basis was highest in Abuja 18.59%, Kogi 18.28% and Bauchi 17.61%, while Kwara 12.94% ,Niger 14.10% and Oyo 14.19% recorded the lowest rise. On month on month basis however, January 2022, recorded the highest increases in Jigawa 2.45%, Kogi 2.34% and Zamfara 2.32%, while Taraba 0.53%, Abia 0.69% and Ondo 0.75% recorded the lowest rise. The food inflation on a year-on-year basis was highest in Kogi (22.61%), Enugu (19.84%) and Akwa-Ibom (19.67%), while Sokoto (14.18%), Bauchi (14.63%) and Kaduna (15.01%) recorded the lowest rise in January 2022. On month-on month-basis, the food inflation was highest in Borno (2.87%), Zamfara (2.62%) and Kogi (2.53%), while Abia (0.29%), Taraba (0.57%) and Ondo (0.58%) recorded the lowest rise in January 2022”.
According to the NBS data “the consumer price index, which measures inflation increased to 15.60 percent year-on -year in January 2022. This is 0.87 percent points lower than the rate recorded in January 2021, 16.47 percent. This shows that headline inflation rate slowed down in January when compared to the same month in the previous year. Increases were recorded in all COICOP divisions that yielded the Headline index. 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 percent, showing 0.08 percent point from 16.95 percent recorded in December 2021.
“The urban inflation rate increased to 16.17 percent year-on-year in January 2022 from 17.03 percent recorded in January 2021, while rural inflation rate increased to 15.06 percent in January 2022 from 15.92 percent in January 2021. On a month-on-month basis, the urban index rose to 1.53 percent in January 2022, down by 0.34 percent points from 1.87 percent the rate recorded in December 2021. The rural index also rose to 1.42 percent in January 2022, down by 0.35 percent points from 1.77 percent the rate recorded in December 2021. The corresponding twelve-month year-on-year average percentage change for the urban index is 17.44 percent in January 2022. This is lower than 17.52 percent reported in December 2021, while the corresponding rural inflation rate in January 2022 is 16.31 percent compared to 16.40 percent recorded in December 2021.
The composite food index rose by 17.13 percent in January 2022 compared to 20.57 per- cent in January 2021. This rise in the food index was caused by increases in prices of Bread and cereals, Food product n.e.c, Potatoes, yam and other tuber, Soft drinks, Oils and fats and fruit. On month-on-month basis, the food sub-index increased to 1.62 percent in January 2022, down by 0.57 percent points from 2.19 percent recorded in December 2021. The average annual rate of change of the Food sub-index for the twelve-month period ending January 2022 over the previous twelve-month average was 20.09 percent, 0.31 per- cent points from the average annual rate of change recorded in December 2021 (20.40) percent.
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.87 percent in January 2022, up by 2.02 percent when com- pared to 11.85 percent, the rate recorded in January 2021. On month-on-month basis, the core sub-index increased by 1.25 percent in January 2022. This was down by 0.13 percent when compared with 1.12 percent recorded in December 2021. The highest increases were recorded in prices of Electricity, Liquid fuel, Wine, Tobacco, Spirit, Solid fuels, Cleaning, repair and hire of clothing, Shoes and other foot wear, Other services in respect of personal transport equipment, Other services n.e.c and pharmaceutical products. The average 12-month annual rate of change of the index was 13.33 percent for the twelve- month period ending January 2022; this is 0.17 percent points higher than 13.16 percent recorded in December 2021. In analysing price movements under this section, note that the CPI is weighted by con- sumption expenditure patterns which differ across states. Accordingly, the weight as- signed to a particular food or non-food item may differ from state to state making inter- state comparisons of consumption basket inadvisable and potentially misleading.
