Nigeria’s inflation rate declined to 15.60% in January 2022, from a peak of 15.63% in December 2021, according to the monthly Consumer Price Index report released on Tuesday, February 15 by the National Bureau of Statistics (NBS).
In December, the indicator had risen after eight consecutive months of decline. It had increased by 0.23 percentage point compared to the rate recorded in November 2021.
At double digits since 2016, Nigeria’s inflation rate has been driven by food inflation, which fell to 17.13% during the month of January 2022, compared to 17.37% recorded the previous month. Main reasons mentioned, the rise in the prices of bread and cereals, food products, potatoes, yams and other tubers, non-alcoholic beverages, oils and fats and fruits.
