Inflation Rate Drops To 15.13 Percent – NBS

Inflation Rate Drops To 15.13 Percent – NBS

Mariam Sanni, Abuja

The Nigeria Bureau of Statistic (NBS) has revealed that the inflation rate has further dropped to 15.13 per cent in January from 15.37 per cent recorded in December, 2017.

The Bureau noted this in its Consumer Price Index CPI report for January 2018 released on Wednesday in Abuja.

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

It stated that this is 0.24 per cent points lower than the rate recorded in December (15.37 per cent).

According to the bureau, 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.

It further 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.

However, it stated 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.

According to the report, the rural inflation rate also eased by 14.76 per cent in January 2018 from 15.02 per cent in December 2017.

It stated that 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.

It stated 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.

According to the report, the corresponding twelve-month year-on-year average percentage change for the urban index is 16.55 per cent in January 2018.

Nigerian Online Newspaper=


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