Nigeria’s Inflation Rate Hits 18.72%

Akamanu Jennifer

The Consumer Price Index, which measures inflation, increased to 18.72 per cent in January this year.

The National Bureau of Statistics in its CPI report, which was released on Wednesday in Abuja, said the inflation rate rose by 0.17 percentage points from the 18.55 per cent recorded in December 2016.

“The Consumer Price Index, which measures inflation, increased by 18.72 per cent year-on-year in January 2017, 0.17 percentage points higher from the rate recorded in December 2016 at 18.55 per cent.”

The NBS report stated that the fastest pace of growth in headline inflation, year-on-year, was seen in bread and cereals, meat, fish, oils and fats, potatoes, yams and other tubers, wine and spirits, clothing materials and accessories.

Others are electricity, cooking gas, liquid and solid fuels, motor cars and maintenance, vehicle spare parts, and fuels and lubricants for personal transport equipment and passenger transport by road.

On a month-on-month basis, the NBS report added that the Food Index increased to 17.82 per cent (year-on-year) in January, up by 0.43 percentage points from the rate recorded in December 2016.

During the month, the report noted that all major food sub-indexes increased, with soft drinks recording the slowest pace of increase at 7.8 per cent year-on-year.

The report stated that the urban index rose by 20.31 per cent (year-on-year) in January from 20.12 per cent recorded in December, while the rural index increased by 17.34 per cent in January from 17.20 per cent in December.

On month-on-month basis, the urban index rose by 1.03 per cent in January from 1.08 per cent recorded in December, while the rural index rose by one per cent in January from 1.04 per cent in December.

 

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