Inflation dips 0.03% MoM
By Jeph Ajobaju, Chief Copy Editor
Inflation rate dipped 0.03 points to 15.60 per cent in January from 15.63 per cent in December but – as usual – it was too insignificant to have a positive impact on consumer goods prices.
Fuel price is rising along with transport fares to produce multiplier effects on the prices of other goods and services, all riding on fuel scarcity caused by importation of adulterated petrol.
Buhari again shows he is irresponsible
President Muhammadu Buhari, who is also Petroleum Minister, remains aloof and insensitive – as usual – and on Tuesday reinforced his image as an irresponsible man by travelling out to spend five days in Brussels.
He says he will not return until Saturday.
Apart from rising prices of fuel and transportation, there are other pressing matters begging for Buhari’s attention.
He needs to assent to the Electoral Amendment Bill. He needs to probe the National Assembly where legislative aides protested again on Tuesday over the stealing of funds and non-payment of salaries.
Buhari needs to probe the police for protecting Abba Kyari, the suspended Deputy Commissioner of Police (DCP) wanted in the United States over money laundering, and is also now busted as a drug trafficker in Nigeria.
Inflation figures
The latest National Bureau of Statistics (NBS) data shows that inflation rate decreased 0.03 per cent month-on-month (MoM) from December to January, as disclosed by federal Statistician General Simon Harry.
“In summary and in attempt to make a comparison between the January 2022 and December 2021 figures, it is important to note that headline inflation for the month of January, 2022 was 15.60%, while that of December 2021 was 15.63%,” he said in Abuja.
Core Inflation in January 2022 was 13.87 per cent, the same as in December 2021.
Food Inflation was 17.13 per cent in January against 17.37 per cent in December, according to Harry.
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Urban, rural inflation
Urban inflation rate stood at 16.17 per cent in January 2022, the same as in December 2021
But Rural Inflation rose to 15.06 per cent in January from 15.11 per in December, Harry said, per reporting by The Nation.
States with highest all items inflation
Top three states with all items highest inflation year-on-year (YoY)
- Abuja – 18.59 per cent
- Kogi – 18.28 per cent
- Bauchi – 17.61 per cent
States with lowest all items inflation
Top three states with all items lowest inflation YoY
- Oyo – 14.19 per cent
- Niger – 14.10 per cent
- Kwara – 12.94 per cent
States with highest food inflation
Top three states with highest food inflation YoY
- Kogi – 22.61 per cent
- Enugu – 19.84 per cent
- Akwa-Ibom – 19.67 per cent
States with lowest food inflation
Top three states with lowest food inflation YoY
- Kaduna – 15.01 per cent
- Bauchi – 14.63 per cent
- Sokoto – 14.18 per cent
Broken trajectory
The eight months declining trajectory of inflation rate was broken last December with Headline Inflation at 15.63 per cent YoY.
It was also an increase of 0.23 percentage points over November figure of 15.40 per cent.