Nigeria records 12 months of continuous inflation rate drop – NBS

Nigeria has recorded 12 months of continuous drop in inflation rate in January, 2018, from January 2017, the National Bureau of Statistics (NBS) reported yesterday.

The NBS reported that inflation rate dropped to 15.13 per cent in January, being 0.24 per cent points lower than the 15.37 per cent recorded in December.

The report showed that increases were recorded in all divisions that yield the Headline Index.

Analysis of the report showed that on a month-on-month basis, 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 12-month period ending January 2018 over the average of the CPI for the previous 12-month period was 16.22 per cent, showing 0.28 per cent point lower from 16.50 per cent recorded in December 2017.

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, while 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 urban index rose by 0.83 per cent in January 2018, up by 0.17 from 0.66 per cent recorded in December 2017, while the rural index also rose by 0.77 per cent in January 2018, up by 0.23 when compared with 0.54 per cent in December 2017.