From John Ofikhenua, Abuja

The National Bureau of Statistics (NBS) on Tuesday disclosed that in January 2021, inflation rate rose to 16.47 per cent.

It was 15.75 per in December, which is an indication that the rate soared by 0.72 per cent in the period under review.

NBS made this known in its data titled: “Consumer Price

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.”

NBS noted that 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.

It said on month-on-month basis, the Headline index increased by 1.49 percent in January 2021.

 This, said the NBS, is 0.12 percentage points lower than the rate recorded in December 2020 (1.61 percent).

It further noted that 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).

Besides, the report said 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.

Meanwhile, NBS explained that  corresponding twelve-month year-on-year average percentage change for the urban index was 14.23

percent in January 2021.

This, it said, 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.

On All Item Index, the Bureau said “the composite food index rose by 20.57percent 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.