Nigeria’s inflation rate falls to 15.60%

The consumer price index, which measures the rate of increase in the price of goods and services, rose 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.

The National Bureau of Statistics (NBS) said this in its Consumer Price Index (CPI) report for January 2022 released on Tuesday.

According to the report, 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 report reads.

“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.”