Inflation Drops To 15.1%, 13th Consecutive Month Since January

Channels Television  
Updated February 14, 2018

NBS

For the 13th consecutive month since January 2017, Nigeria’s Consumer Price Index (CPI) has eased further.

The National Bureau of Statistics (NBS) in its “Customer Price Index January 2018” released on Wednesday, February 14 in Abuja said Nigeria’s CPI dropped to about 15.13 percent in January 2018.

The rate was 15.37 percent in December 2017.

The CPI in January 2018 according to the report, therefore, dropped by 0.24 percent points from the rate recorded in December.

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

“The Consumer Price Index which measures inflation started the year 2018 increasing by 15.13 per cent year-on-year in January 2018.

“This was 0.24 per cent points lower than the rate recorded in December (15.37 per cent) making it the twelfth consecutive slowdown in the inflation rate though still positive in headline year on year inflation since January 2017.”

The data also shows that the annual food price index and food price pressure continued into December though generally at a slower pace year-on-year.

The Food Index stood at about 18.92 percent (year-on-year) in January 2017, down from the rate recorded in December (19.42 percent).

The implication of this is that Nigerian consumers were paying less for food during the month than they did in the previous month.

On a month-on-month basis, the food sub-index according to the report was about 0.87 percent in January 2018, down by 0.29 percent from 0.58 percent recorded in December.

“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.

On a month on month basis, however, January 2018 food inflation was highest in Bayelsa (3.47%), Kogi (3.38%) and Nasarawa (2.26%), while Cross River, Kebbi. Yobe, Anambra and Delta all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in January 2018,” the report read in part.

The highest increases were recorded in prices of fuel and lubricants for personal transport and transport equipment, vehicle spare parts, accommodation services, maintenance and repair of personal transport equipment, appliances articles and products for personal care.

Other services include hotels and restaurants, hairdressing salons and personal grooming establishments, clothing materials and other articles of clothing, garments, non-durable household goods and solid fuels.

Urban inflation according to the data also rose by 15.56 percent in January 2018 from 16.78 percent in December 2017, compared with the rural inflation rate, which declined by 14.76 percent in January 2018 from 15.02 percent in December 2017.