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Nigeria’s inflation rate drops to 15.6 per cent in January 2022

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Nigeria’s inflation rate has dropped to 15.6 per cent in the month of January 2022, according to the National Bureau of Statistics.

The NBS made the disclosure on Tuesday during a briefing by the Statistician-General of the Federation and Chief Executive Officer of the National Bureau of Statistics, Mr. Simon Harry.

The report is coming a month after the country’s inflation rate rose to 15.63 per cent in December 2021.

During the briefing, Harry revealed that the urban Inflation rate increased by 16.17 percent year-on-year in January 2022 from 17.03 percent recorded in January 2021.

He added that the composite food index rose by 17.13 percent in January 2022 compared to 20.57 percent in January 2021.

More to come..

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