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January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% (5958 Views)

December 2020 Inflation Rate Rises To 15.75% As Food Inflation Jumps To 19.56% / Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% / Nigeria’s September Inflation Jumps To 11.24% As Food Prices Rise (2) (3) (4)

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January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by rodeo0070(m): 8:52am On Feb 16
The consumer price index, (CPI) which measures inflation increased by 16.47 percent (year-on-year) in January 2021. This is 0.71 percent points higher than the rate recorded in December 2020 (15.75 percent).

Increases were recorded in all COICOP divisions that yielded the Headline index.

On month-on-month basis, the Headline index increased by 1.49 percent in January 2021. This is 0.12 percentage points lower than the rate recorded in December 2020 (1.61 percent).

The percentage change in the average composite CPI for the twelve months period ending January 2021 over the average of the CPI for the previous twelve months period was 13.62 percent, representing a 0.37 percentage point increase over 13.25 percent recorded in December 2020.

The urban inflation rate increased by 17.03 percent (year-on-year) in January 2021 from 16.33 percent recorded in December 2020, while the rural inflation rate increased by 15.92 percent in January 2021 from 15.20 percent in December 2020.

On a month-on-month basis, the urban index rose by 1.52 percent in January 2021, down by 0.13 percentage points when compared to the rate recorded in December 2020, while the rural index also rose by 1.46 percent in January 2021, down by 0.12 compared to the rate that was recorded in December 2020 (1.58 percent).

The corresponding twelve-month year-on-year average percentage change for the urban index was 14.23 percent in January 2021. This is higher than the 13.86 percent reported in December 2020, while the corresponding rural inflation rate in January 2021 was 13.04 percent compared to 12.67 percent recorded in December 2020.

Food Index

The composite food index rose by 20.57 percent in January 2021 compared to 19.56 percent in December 2020.

This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils and Fats.

On month-on-month basis, the food sub-index increased by 1.83 percent in January 2021, down by 0.22 percent points from 2.05 percent recorded in December 2020.

The average annual rate of change of the Food sub-index for the twelve-month period ending January 2021 over the previous twelve-month average was 16.66 percent, 0.49 percent points higher than the average annual rate of change recorded in December 2020 (16.17 percent).

All Items Less Farm Produce

The "All items less farm produce" or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.85 percent in January 2021, up by 0.48 percent when compared with 11.37 percent recorded in December 2020.

On month-on-month basis, the core sub-index increased by 1.26 percent in January 2021. This was up by 0.16 percent when compared with 1.10 percent recorded in December 2020.

The highest increases were recorded in prices of Passenger transport by air, Medical services, Hospital services, Passenger transport by road, Pharmaceutical products, Paramedical services, Repair of furniture, Vehicle spare parts, Motor cars, Miscellaneous services relating to the dwelling, Maintenance and repair of personal transport equipment,

The average 12-month annual rate of change of the index was 10.52 percent for the twelve-month period ending January 2021. This was 0.21 percent points higher than 10.31 percent recorded in December 2020.

State Profiles

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

All Items Inflation

In January 2021, all items inflation on year on year basis was highest in Kogi (21.38%), Oyo (20.17%) and Bauchi (19.52%), while Kwara (13.96%), Abuja (12.96%) and Cross River (12.22%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis however, January 2021 all items inflation was highest in Oyo (4.28%), Ebonyi (3.95%) and Lagos (3.33%), while Abuja, Edo and Cross River recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

Food Inflation

In January 2021, food inflation on a year on year basis was highest in Kogi (26.64%), Oyo (23.69%) and River (23.49%), while Ondo (17.20%), Abuja (16.73%) and Bauchi (16.37%) recorded the slowest rise.

On month on month basis, however, January 2021 food inflation was highest in Oyo (4.47%), Lagos (3.86%) and River (3.11%), while Akwa Ibom (0.25%) and Bayelsa (0.13%) recorded the slowest rise with Edo recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).
https://brandspurng.com/2021/02/16/january-2021-inflation-rate-rises-to-16-47-as-food-inflation-jumps-to-20-57/

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Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by sofeo(m): 9:26am On Feb 16
Ok
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by yeyeboi(m): 9:27am On Feb 16
You will never see that yeye mod called seunmsg on this trend yeye people sad useless government

32 Likes 1 Share

Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by lasthero: 9:27am On Feb 16
comments on a thread like this won't pass page 3 because 80% of people here knows nothing about CPI and inflation rate.

8 Likes 1 Share

Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by LauraClasikVibe(f): 9:27am On Feb 16
what’s the difference between cowries & beat tcoins?
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by NaijaMutant(f): 9:27am On Feb 16
Buhari's plan is to kill zombies before next election. Since he will no longer vy for an election, their services will no longer be required.

We were told that:

Buhari will handle security while Osinbajo will handle the economy. grin

Who is handling who now ?

14 Likes

Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by FastLane25(m): 9:27am On Feb 16
hmmm alright
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by Nobody: 9:27am On Feb 16
Oil dependency and bad securiry
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by visijo(m): 9:27am On Feb 16
Did you know that

A single sperm has 37.5MB of DNA information in it. That means that a normal ejaculation represents a data transfer of 1,587.5TB.

#now you know �

2 Likes

Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by beehivedata(m): 9:27am On Feb 16
Fuel prices will still rise.
Naira to a dollar will still reach 700

... This is what u get when leaders are greedy.

10 Likes 1 Share

Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by NaijaMutant(f): 9:27am On Feb 16
LauraClasikVibe:
what’s the difference between cowries & beat tcoins?

The difference is that the cowries are beat en into coins undecided

5 Likes

Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by rawpadgin(m): 9:27am On Feb 16
May curse be upon every idiot that has ever rule this country.

I remember wey i dey small, na 25naira my mama dey give me take go buy garri

Back then, if my papa give my mama 1k5 to arrange blast, correct stew go come out, dope soup with wicked pounded yam go follow.

Now man go hustle give him wife 5k for soup and stew, e go be as if the poor woman wan go fool herself for market cry

Las las na to japa enter canada go sure pass sha embarassed embarassed

9 Likes

Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by paddyDIGITAL(m): 9:27am On Feb 16
We will surely get it right
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by oneolajire(m): 9:27am On Feb 16
Next level enjoyment brought by Messiah Buhari from Federal Republic of .............

4 Likes

Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by od501: 9:28am On Feb 16
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by slawormiir: 9:28am On Feb 16
Damnnn niggarrrr
Isoright
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by janedonez(m): 9:28am On Feb 16
Good
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by Simplebeauty: 9:28am On Feb 16
shocked
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by Mac2016(m): 9:28am On Feb 16
If the same alacrity they used to arrest lekki protesters is used against inflation, we would have a better country.
Nigeria on free fall economically... So sad

1 Like

Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by Khaleepha5681: 9:28am On Feb 16
Weting concern shegu on top
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by DJ10rounds(m): 9:29am On Feb 16
As far I can still take my soyabean tea every morning after workout I am good. I have trained myself not to eat too much and it has helped my finance and my shape. I can have a plate of beans and soyabean tea In the morning and I won't eat again till the next day. Incade you need soybean powder I can deliver to you at a discounted price

1 Like

Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by extol1(m): 9:29am On Feb 16
kogi in the news for bad thing. kogi
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by eherbal(m): 9:29am On Feb 16
I hope the politicians and elites of this country realise that by the time we have nothing else to feed on, they're gonna be on the menu. It's a very simple calculation undecided

2 Likes

Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by iLegendd: 9:29am On Feb 16
Rubbish

The currency appreciated after banning crypto, but nothing to show for it. Things are supposed to reduce in price, but reverse is the case here.
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by Mindlog: 9:30am On Feb 16
But PMB's aides would say food items are becoming cheaper by the day.

4 Likes

Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by setobaba: 9:30am On Feb 16
They kept packing yahoo boiz
Hypocrite

1 Like

Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by ForeThinker: 9:30am On Feb 16
HUMAN to humans
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by tigobacv: 9:30am On Feb 16
在尼日利亚不是新事物
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by pretydiva(f): 9:31am On Feb 16
May God punish this present government

2 Likes

Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by canalily(m): 9:32am On Feb 16
my country is doing very well
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by bigdammyj: 9:32am On Feb 16
Noted
Re: January 2021 Inflation Rate Rises To 16.47% As Food Inflation Jumps To 20.57% by Tetrahedron: 9:32am On Feb 16
Buhari latest achievement, congratulations again all BMC crew and zombies grin grin grin

1 Like

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