Inflation rises to 12.13% in January - NBS

Daniel Fowler
February 19, 2020

Gas prices in January increased 11.2 per cent compared with a year ago as prices rose at the start the month due to concerns about events in the Middle East only to move lower later in the month in response to the novel coronavirus outbreak.

In the CPI report, the agency indicated that the increase was 0.15 per cent points higher than the 11.98 per cent rate recorded in December, 2019, and attributed the hike increases in all Classification of Individual Consumption by Purposes (COICOP) divisions that yielded the headline index.

In October 2019, it rose to 11.61% which experts believe the rise in inflation rate may be connected to the ongoing border closure which had made it hard for products to be exported and imported into the country through the land borders.

According to data released by the National Bureau of Statistics on Tuesday, the index increased from the 11.98% recorded in December.

"The consumer price index, (CPI) which measures inflation increased by 12.13% (year-on-year) in January 2020".

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"In January 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".

The monthly consumer price index tracks changes in the average consumer price for goods and services commonly purchased by households in Canada, like groceries and haircuts.

The 12.13 per cent inflation rate represents an increase of 0.15 percentage point over the index recorded in December previous year.

"While the corresponding rural inflation rate in January 2020 is 11.04 per cent compared to 11.00 per cent recorded in December 2019", it explained.

Statistics Canada said Wednesday that excluding gasoline the year-over-year inflation rate would have been two per cent in January.

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