Business

Inflation rate drops to 15.13% – NBS

Published

8 years ago

February 14, 2018

The National Bureau of Statistics (NBS) in its report indicated that the inflation rate, measured by the Consumer Price Index (CPI), marginally dropped to 15.13 per cent in January from 15.37 per cent recorded in December, 2017.

The NBS disclosed this on Wednesday in Abuja in its Consumer Price Index (CPI), which measures inflation, having started the year 2018 increasing by 15.13 per cent (year-on-year) in January 2018.

Bureau explained that the statistics show a 0.24 per cent points reduction to the rate recorded in December (15.37 per cent).

It indicated that the rate recorded made it the 12^th consecutive disinflation (slowdown in the inflation rate though still positive) in headline year-on-year inflation since January 2017.

The Bureau noted 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.

The NBS narrated that the figures showed 0.28 per cent point lower from 16.50 per cent recorded in December 2017.

Meanwhile, 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.

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 report showed 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.

It stated that 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.