Tuesday, April 7, 2020

Inflation Rises To 12.13% In January

Trending

Newborn Twins Named ‘Corona’ And ‘Covid’ In India

As the world continues to battle the Coronavirus pandemic, a couple in India has named their newborn twins 'CORONA'...

“I Murdered Coronavirus” – Discharged Coronavirus Patient In Lagos Shares Experience

The joy in Oluwaseun Ayodeji Osowobi's tweets were evident as she announced that she has tested negative and been...

Akure Explosion: Governor Akeredolu Reveals What Really Happened

The Governor of Ondo State Oluwarotimi Akeredolu has revealed what led to the explosion that rocked the city of Akure...
Adelowo Adegboyega
A writer, political analyst and journalist who believes in journalism for the advancement of the society ONLY.

Inflation Rises To 12.13% In January

The Consumer Price index rose to 12.13% in January according to a data released by the National Bureau of Statistics on Tuesday.

This is the highest rate in over 20 months as the last time inflation was in this region was April 2018.

“The consumer price index, (CPI) which measures inflation increased by 12.13% (year-on-year) in January 2020. This is 0.15 percentage points higher than the rate recorded in December 2019 (11.98%).

“On a month-on-month basis, the headline index increased by 0.87% in January 2020, this is 0.02% rate higher than the rate recorded in December 2019 (0.85%).”

According to the report, the urban inflation rate rose to 12.78% on a year-on-year in January 2020 from 12.62% in December 2019, while the rural inflation rate increased by 11.54% in January 2020 from 11.41% in December 2019.

“The composite food index rose by 14.85% in January 2020 compared to 14.67% in December 2019,” the report read.

“This 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 (19.08%), (18.72%) and Nasarawa (17.07%), while (12.91%), (11.57%) and (11.33%) recorded the slowest rise.”

On month on month basis, 2020 food inflation was highest in Ondo (2.95%), Anambra (2.61%) and (2.57%), while , and River recorded price deflation (general decrease in the general price level of food or a negative food inflation rate).

Submit press release, news tips to : [email protected] | Follow us @ODUNewsNG | Google News Publication

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News Updates

Flash Actor Ezra Miller Chokes A Fan In Video Clip

Ezra Miller, the actor who plays Flash in the DC Extended Universe, was recently spotted in a video attacking...

50 Cent’s ‘Black Mafia Family’ Gets The Green Light From Starz

'Black Mafia Family', a series from rapper 50 Cent, has been greenlit by Stars. The latest project from the hip hop star, actor and businessman...

Africa Cannot Be A Testing Ground For Vaccine – WHO

The World Health Organization has condemned the call by some doctors to use Africa as the testing ground for the Coronavirus vaccine. WHO described such...

COVID-19 Employment: Buhari Approves Recruitment Of 774,000 Persons

President Muhammadu Buhari has approved the engagement of 774,000 Nigerians on Special Public Works programme in the country to cushion the effect of COVID-19...

Lagos Govt. Says All Attendees At Funke Akindele’s Party To Be Charged To Court

The Lagos State Government says all those who attended the house party at Funke Akindele's residence would be charged to court. The state Attorney-General and...

View More Latest

- Advertisement -

More Articles Like This

- Advertisement -

Submit press release, news tips to us: [email protected] | Follow us @ODUNewsNG | Google News Publication