Inflation drops to 11.37% in January

Inflation rate dropped to 11.37 per cent in January 2019 despite election spending which the Central Bank of Nigeria raised concerns on possibility of creating a spike in inflation.

The Consumer Price Index (CPI) which measures inflation released yesterday by the National Bureau of Statistics (NBS) showed that the latest inflation rate is 0.07 percent points lower than the 11.44 per cent recorded in December 2018.

The report showed that increases were recorded in all divisions that yielded the headline index.

On month-on-month basis, the headline index increased by 0.74 per cent in January 2019, same rate as was recorded in December 2018 (0.74 percent).

The urban inflation rate increased by 11.66 per cent (year-on-year) in January 2019 from 11.73 per cent recorded in December 2018, while the rural inflation rate increased by 11.11 percent in January 2019 from 11.18 per cent in December 2018. The Election Monitor (EM) has said that its track of violent incidences from August 18, 2018 till February 14, 2019 recorded 145 cases of pre-election violence leading to 122 deaths and leaving 256 injured.

The National Coordinator of EM, Mr. Abiodun Ajijola, said yesterday in Abuja that the incidences were all election related, ranging from clashes between political parties, deaths at rallies, politically motivated murders, vandalism of billboards, property, and shootings, among others.

He said it was critical that security forces reinforce and flush out armed bandits and terrorists within Nigerian borders as much as possible to ensure that voters are not disenfranchised in locations experiencing these challenges.

It commended President Muhammadu Buhari for reassuring international observers in the country of their security during his presidential address on Thursday. It however urged international observers to restrict their activities to observation as provided for by global standards and avoid interfering in the affairs of the country.

He also urged INEC to speed up collation as much as possible and security agencies have to be on full alert until final results are declared.