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Nigeria’s inflation continues in its creeping drop, stood at 15.13 % in January

The National Bureau of Statistics (NBS) has released data on Nigeria’s inflationary trend for the month of January, saying the Consumer Price Index (CPI) has further dropped to 15.13 per cent in January from 15.37 per cent recorded in December, 2017.

The NBS disclosed this in its CPI report for January 2018 released on Wednesday in Abuja.

The Consumer Price Index, which measures inflation, started the year 2018 increasing by 15.13 percent (year-on-year) in January 2018

According to the Bureau, this is 0.24 per cent points lower than the rate recorded in December (15.37 per cent).

It stated that the rate recorded made it the twelfth consecutive disinflation (slowdown in the inflation rate though still positive) in headline year-on-year inflation since January 2017.

NBS however, stated that increases were recorded in the Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.

On a month-on-month basis, the report stated that the Headline index increased by 0.80 per cent in January 2018, 0.21 per cent points higher from the rate of 0.59 per cent 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 per cent.

It stated that the figures showed 0.28 per cent point lower from 16.50 per cent recorded in December 2017.

NBS also added that the Urban inflation rate rose by 15.56 per cent (year-on-year) in January 2018 from 16.78 per cent recorded in December 2017.

The report stated that 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 bureau stated 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.

The agency revealed further that the rural index also rose by 0.77 per cent in January 2018, up by 0.23 per cent 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 was less than 16.92 per cent reported in December 2017, while the corresponding rural inflation rate in January 2018 was 15.89 per cent compared to 16.10 per cent recorded in December 2017.

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