The National Bureau of Statistics (NBS) reported a 15.60%YoY increase in the Consumer Price Index for January 2022 (vs. 15.63%YoY in December 2021). The slowdown in headline inflation was driven by a moderation in food inflation which came down to 17.13%YoY (vs. 17.37%YoY in December 2021). Items that drove the food price index include bread and cereals, potatoes, yam and other tuber crops, soft drinks, and fruits. For the core index, the price changed at the same pace as the previous month, rising by 13.87%YoY (13.87%YoY in December 2021). This was largely driven by the increase in charges on the electricity bills, liquid fuel, wine, tobacco, solid fuels, cleaning, and personal wears.
Compared to December 2021 (2.19%MoM), the monthly rate of increase in food prices was slower in January (1.62%MoM), while the month-on-month core inflation on the other hand gained momentum.
