Despite FG’s Measures, Inflation Hits 16.47% In January

Despite FG’s Measures, Inflation Hits 16.47% In January
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The inflationary pressure which has refused to go down despite border reopening and reduction in levy on imported cars,  has, again, hit 16.47 percent in January 2021 as against the December 2020  record of 15.75 percent.

Uche Uwaleke who is an economic expert and capital market professor, attributed to the lingering effects of increases in Value Added Tax (VAT), the pump price of fuel and electricity tariffs as well as insecurity and transport bottlenecks. But in a statement, the National Bureau of Statistics (NBS) explained that the increase is 0.71 percent points higher than the rate recorded in December 2020 (15.75 percent).

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‘Increases were recorded in all Classifications of Individual Consumption According to Purpose (COICOP)  divisions that yielded the headline index.
The percentage change in the average composite Consumer Price Index (CPI) for the 12  months period ending January 2021 over the average of the CPI for the previous 12 months period was 13.62 percent, representing a 0.37 percentage point increase over 13.25 percent recorded in December 2020. “On a 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).
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 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.

‘The corresponding 12-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”, a statement obtained from the NBS website, said.

AFRICA DAILY NEWS, NEW YORK

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