Nigeria’s inflation drops for twelfth consecutive time

by | February 14, 2018 11:46 am



Nigeria’s inflation decreases to 15.13 per cent in January, making it the twelfth consecutive disinflation (slowdown in the inflation rate though still positive) in headline year on year inflation since January 2017.

According to figures from the National Bureau of Statistics (NBS), this was 0.24 per cent lower than the rate recorded in December (15.37 per cent).

The Food Index increased by 18.92 per cent (year-on-year) in January 2017, down from the rate recorded in December (19.42 per cent).

On a month-on-month basis, the Food sub-index increased by 0.87 per cent in January 2018, down by 0.29 per cent from 0.58 per cent recorded in December.

Average annual change of the Food sub-index for the twelve-month period ending January 2018 over the previous 12 month average was 19.62 per cent, 0.07 per cent from the average annual rate of change recorded in December 2017 (19.55) per cent.

According to NBS the rise in the food index was caused by increase in prices of imported food in general as well as bread and cereals, milk, cheese and eggs, Vegetables, Fish, Coffee tea and cocoa, meat, Potatoes yam and other tubers and Oil and fats.

On a month-on-month basis, the Headline index increased by 0.80 per cent in January 2018, 0.21 per cent higher from the rate of 0.59 per cent recorded in December 2017.

The percentage change in the average composite Consumer Price Index (CPI) for the twelve-month period ending January 2018 over the average of the CPI for the previous twelve-month period was 16.22 per cent, showing 0.28 per cent point lower from 16.50 per cent recorded in December 2017.

Urban inflation rate rose by 15.56 per cent (year-on-year) in January 2018 from 16.78 per cent recorded in December 2017, while the Rural inflation rate also eased by 14.76 per cent in January 2018 from 15.02 per cent in December 2017.

On month on month basis, the urban index rose by 0.83 per cent in January 2018, up by 0.17 from 0.66 per cent recorded in December 2017, while the rural index also rose by 0.77 per cent in January 2018, up by 0.23 when compared with 0.54 per cent in December 2017.

The corresponding twelve-month year on year average percentage change for the urban index is 16.55 per cent in January 2018. This is less than 16.92 per cent reported in December 2017, while the corresponding rural inflation rate in January 2018 is 15.89 per cent compared to 16.10 per cent recorded in December 2017.

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