Headline Inflation Increases By 12.13% YoY In January 2020; 0.15% Higher Than December 2019 Rate

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All Item Index

Theconsumer price index, (CPI) which measures inflation increased by 12.13 percent(year-on-year) in January 2020. This is 0.15 percent points higher than therate recorded in December 2019 (11.98) percent.

Increaseswere recorded in all COICOP divisions that yielded the Headline index.

Onmonth-on-month basis, the Headline index increased by 0.87 percent in January2020, this is 0.02 percent rate higher than the rate recorded in December 2019(0.85) percent.

Thepercentage change in the average composite CPI for the twelve months periodending January 2020 over the average of the CPI for the previous twelve monthsperiod was 11.46 percent, showing 0.06 percent point from 11.40 percentrecorded in December 2019.

Theurban inflation rate increased by 12.78 percent (year-on-year) in January 2020from 12.62 percent recorded in December 2019, while the rural inflation rateincreased by 11.54 percent in January 2020 from 11.41 percent in December 2019.

Ona month-on-month basis, the urban index rose by 0.92 percent in January 2020,up by 0.02 from 0.90 percent recorded in December 2019, while the rural indexalso rose by 0.83 percent in January 2020, up by 0.01 from the rate recorded inDecember 2019 (0.82) percent.

Thecorresponding twelve-month year-on-year average percentage change for the urbanindex is 11.92 percent in January 2020. This is higher than 11.83 percentreported in December 2019, while the corresponding rural inflation rate inJanuary 2020 is 11.04 percent compared to 11.00 percent recorded in December2019.

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Food Index

Thecomposite food index rose by 14.85 percent in January 2020 compared to 14.67percent in December 2019.

Thisrise 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.

Onmonth-on-month basis, the food sub-index increased by 0.99 0.97 percent inJanuary 2020, up by 0.02 percent points from 0.97 percent recorded in December2019.

Theaverage annual rate of change of the Food sub-index for the twelve-month periodending January 2020 over the previous twelve-month average was 13.86 percent,0.12 percent points from the average annual rate of change recorded inDecember 2019 (13.74) percent.

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All Items Less Farm Produce

The "All items less farm produce" or Core inflation, which excludes the prices ofvolatile agricultural produce stood at 9.35 percent in January 2020, up by 0.02percent when compared with 9.33 percent recorded in December 2019.

Onmonth-on-month basis, the core sub-index increased by 0.82 percent in January2020. This was up by 0.01 percent when compared with 0.81 percent recorded inDecember 2019.

Thehighest increases were recorded in prices of Hospital services, Vehicle spareparts, Cleaning, Repair and hire of clothing, Shoes and other footwear,Glassware, tableware and household utensil, Hairdressing saloons and personalgrooming establishments, Repair and hire of footwear, Garments and Passengertransport by air.

Theaverage 12-month annual rate of change of the index was 9.11 percent for thetwelve-month period ending January 2020; this is 0.04 percent points lower than9.15 percent recorded in December 2019.

State Profiles

Inanalysing price movements under this section, note that the CPI is weighted byconsumption expenditure patterns which differ across states. Accordingly, theweight assigned to a particular food or non-food item may differ from state tostate making interstate comparisons of consumption basket inadvisable andpotentially misleading.

AllItems Inflation

InJanuary 2020, all items inflation on year on year basis was highest in Sokoto(15.20%), Kebbi (14.37%) and Niger (14.23%), while Delta (9.95%), Benue (9.61%)and Kwara (9.49%) recorded the slowest rise in headline Year on Year inflation.

Onmonth on month basis however, January 2020 all items inflation was highest inOndo (2.17%), Anambra (2.04%) and Bauchi (1.81%), while Benue (0.04%) recordedthe slowest rise on month on month inflation with Kogi and River recordingprice deflation or negative inflation (general decrease in the general pricelevel or negative inflation rate).

FoodInflation

InJanuary 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.

Onmonth on month basis however, January 2020 food inflation was highest in Ondo(2.95%), Anambra (2.61%) and Abuja (2.57%), while Benue, Kogi and Riverrecorded price deflation or negative inflation (general decrease in the generalprice level of food or a negative food inflation rate).

Click Here to Download January2020 CPI PDF Report