New statistical figures have shown that Consumer Price Index which measures inflation dropped to 11.37 per cent in January 2019 as opposed to 11.44 per cent which the country recorded in December 2018.
The consumer price index which was contained in a report published by the National Bureau of Statistics on Friday, depicts a 0.07 percentage drop from the rate recorded in December.
The report reads in part, “The consumer price index, which measures inflation increased by 11.37 per cent year-on-year in January 2019.
“This is 0.07 per cent points lower than the rate recorded in December 2018 (11.44 per cent).”
On a month-on-month basis, the index is observed to have increased by 0.74 per cent in January 2019, the same rate as was recorded in December 2018.
There was also a recorded increase in urban inflation rate by 11.66 per cent year-on-year in January 2019 from 11.73 per cent recorded in December 2018.
Rural inflation rate on the other hand had increased by 11.11 per cent in January 2019 from 11.18 per cent in December 2018.
By Precious Akpadaka…
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