The National Bureau of Statistics on Tuesday released the Consumer Price Index which measures inflation, with the index rising from 11.98 per cent in December 2019 to 12.13 per cent in January.
The 12.13 per cent inflation rate represents an increase of 0.15 percentage point over the index recorded in December.
For the rural index, it said this increased by 11.54 per cent in January from the 11.41 per cent recorded in December 2019.On a month-on-month basis, the report said the urban index rose by 0.92 per cent in January, up by 0.02 per cent from 0.90 per cent recorded in December 2019, while the rural index also rose by 0.83 per cent in January, up by 0.01 per cent from the 0.82 per cent recorded in December 2019.
A former Deputy Governor of the Central Bank of Nigeria, Dr Obadiah Mailafia, said the spike in inflation was caused by a lot of factors such as the border closure, effect of finance bill anticipation as well as insecurity which had affected many farmers. He said support should be given to farmers while efforts should be made to reduce the rate at which money was being pumped into the economy by the Central Bank of Nigeria in its intervention programmes.
He said, “Government should continue to support the farmers in their various programmes so as to force prices down using competition, infrastructure facilities of roads, rail and power.
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