The composite food index rose by 20.57% in January 2021 compared to 19.56% in December 2020.
Disclosing this in a report released today by the National Bureau of Statistics, NBS, it explained that the rise in the food index was caused by increase in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils and Fats.
According to the report, “On month-on-month basis, the food sub-index increased by 1.83 percent in January 2021, down by 0.22 percent points from 2.05 percent recorded in December 2020.
“The average annual rate of change of the Food sub-index for the twelve-month period ending January 2021 over the previous twelve-month average was 16.66 percent, 0.49 percent points higher than the average annual rate of change recorded in December 2020 (16.17 percent).” It stated.
Furthermore, food inflation on a year on year basis was highest in Kogi (26.64%), Oyo (23.69%) and River (23.49%) States In January 2021.
While Ondo (17.20%), Abuja (16.73%) and Bauchi (16.37%) recorded the slowest rise.
“On month on month basis however, January 2021 food inflation was highest in Oyo (4.47%), Lagos (3.86%) and River (3.11%).
“While Akwa Ibom (0.25%) and Bayelsa (0.13%) recorded the slowest rise with Edo recording price deflation or negative inflation (representing ageneral decrease in the general price level of food or a negative food inflation rate).” The report stated.