Nigeria’s economy receives uplift as inflation drops to 15.13% in January

Latest report released by the National Bureau of statistics, indicates that Nigeria’s inflation rate has dropped to 15.13 percent in January from the 15.37 percent recorded in December 2017.

The inflation rate, which is measured by the Consumer Price Index, recorded a 0.24 percent decline; making it the twelfth consecutive drop since January 2017.

The report stated, that “The Consumer Price Index (CPI) which measures inflation started the year 2018 increasing by 15.13 percent (year-on-year) in January 2018. This was 0.24 percent points lower than the rate recorded in December (15.37 percent) making it the twelfth consecutive disinflation (slowdown in the inflation rate though still positive) in headline year on year inflation since January 2017”.

The report acknowledged increases in all Classification of Individual Consumption by Purpose (COICOP) divisions.

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On a month-on-month basis, the report stated that there was an increase of 0.80 percent in January 2018, 0.21 percent points higher from the rate of 0.59 percent recorded in December 2017.

Regarding urban inflation, the reported noted a rise by ‘0.83 percent’ in January 2018 ‘up by 0.17 from 0.66 percent recorded in December 2017’, while the rural index also rose by ‘0.77 percent in January 2018’, ‘up by 0.23’ when compared with 0.54 percent in December 2017.

The report further highlighted food price pressure with an increase by 18.92 percent (year-on-year) in January 2017, down from the rate recorded in December (19.42 percent).

The rise in the food index, according to the report, was caused by increases 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.

“In January 2018, all items inflation on a year on year basis was highest in Kebbi (18.55%), Nasarawa (18.49%) and Bauchi (18.01%), while Delta (12.77%), Kogi States (13.28%) and Anambra (13.34%) recorded the slowest rise in headline Year on Year inflation.

“In January 2018, food inflation on a year on year basis was highest in Kwara (24.46%), Nasarawa (22.77%) and Bayelsa (22.60%), while Bauchi (13.34%), Anambra (14.63%) and Benue (14.78% recorded the slowest rise in food inflation”, the report stated.

 

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