Nigerian inflation slowed for 12th consecutive month in Jan -NBS

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INFLATION RATE

The Nigerian Annual Inflation has reportedly slowed for the 12th month in a row in January 2018 , according to the data released by the National Bureau of Statistics (NBS) on Wednesday.

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 however 0.24 percent points lower than the rate recorded in December at 15.37 percent, making it the twelfth consecutive disinflation or slowdown in the country’s inflation rate.

Increases were recorded in all Classification of individual consumption by purpose(COICOP) divisions that yield the Headline Index.

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

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

A separate food price index showed inflation at 18.92 percent in January, compared with 19.42 percent in December.

“The rise in the food index was caused by increases in prices of imported food in general as well as bread and cereals, milk, cheese … meat, potatoes and other tubers,” the NBS said in a report.

Yemi Kale, head of the NBS, last month said he expected the rate of inflation to fall faster this year compared with 2017, but activities leading up to presidential elections next year could stoke prices.

Food inflation has remained in high double digits over the last year. Kale said the country was in a harvest period and output is increasing which would help lower food prices but household consumption remained fragile after the 2016 recession.

 

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