Nigeria’s Inflation Drops To 15.13%

Nigeria’s inflation rate has dropped to 15.13 per cent in January from 15.37 per cent recorded in December, 2017, the National Bureau of Statistics said Wednesday.

The NBS made this known in its Consumer Price Index (CPI) report for January 2018.

This is 0.24 per cent points lower than the rate recorded in December (15.37 per cent).

The rate recorded made it the twelfth consecutive disinflation (slowdown in the inflation rate though still positive) in headline year-on-year inflation since January 2017.

But the NBS noted that increases were recorded in the Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.

The report also 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.

It stated 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.