The Nigerian National Bureau of Statistics (NBS) has said the country's inflation rate stood at 12. 1 percent in January.
The figure was higher than the 11.8 percent recorded in December,2010, the NBS said in a statement issued on Thursday in Abuja.
The statement said the Composite Consumer Price Index (CPI) went up by 1.20 percent to 115.6 points compared with 114.2 points recorded in December.
It attributed the increase mainly to the decline in the prices of some food items such as meat, fish, oil and fat after the festive period.
The statement said the level of the composite food index was higher than the corresponding level a year ago by 10.3 percent.
The average annual rate of rise of the index was 14.2 percent for the 12-month period ending January 2011, it said.
The statement said the Urban All Items Index declined by 1.4 percent while rural index increased by 3.3 percent over the period when compared with the preceding months.
The average consumer price level as at January for urban and rural dwellers rose by 7.9 percent and 15.6 percent respectively, it added.
The corresponding 12-month average percent change for urban and rural indices rose by 10.8 percent and 15.3 percent respectively, '' the statement added.
It said prices of non-food items increased by 1.7 percent in January compared with December of the same year, adding that the increase was mainly on building materials and kerosene as well as some household items./.