Analyst has attributed the decline in food inflation for the month of January to steadiness in demand as against what was witnessed in the month of December in 2021.
While speaking earlier on Business Nigeria, Investment Research analyst, Mr. Ayorinde Akinloye notes that the drop in food by about 24 basis point was largely responsibility for the slight decline in the headline consumer price index for the month under review.
January’s inflation rate dipped to 15.6%, down from15.63% in December 2021 by .03%.
Core inflation was steady at 13.87% while food inflation was down to 17.13% from 17.37% in December. Urban inflation was also steady at 16.17% while rural inflation dipped to 15.06%.
Inflation recorded an uptick in percent after an eight month of consecutive decline the previous year.
