For the twelfth consecutive month, inflation rate has continued a downward trajectory, recording a slowdown from 15.37 per cent in December 2017 to 15.13 per cent in January 2018, a 0.24 percentage points decrease.

According to latest figures released by the National Bureau of Statistics (NBS), the Consumer Price Index (CPI), which measures inflation, started 2018, increasing by 15.13 per cent (year-on-year) in January.


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

Based on the new NBS’ figures, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the headline index.

On a month-on-month basis, the headline index increased by 0.80 per cent in January 2018, showing 0.21 percentage points increase over 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, showing 0.28 percentage points decline over 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.
The corresponding twelve-month year-on-year average percentage change for the urban index is 16.55 per cent in January 2018.

This is less than 16.92 per cent reported in December 2017, while the corresponding rural inflation rate in January 2018 is 15.89 per cent compared to 16.10 per cent recorded in December 2017.

High year-on-year food prices and food price pressure continued into December though generally at a slower pace year-on-year.

The food index increased by 18.92 per cent (year-on-year) in January 2017, down from the rate recorded in December (19.42 per cent).

On a month-on-month basis, the food sub-index increased by 0.87 per cent in January 2018, down by 0.29 per cent from 0.58 per cent recorded in December.

The average annual rate of change of the food sub-index for the twelve-month period ending January 2018 over the previous twelve-month average was 19.62 per cent, 0.07 percentage points from the average annual rate of change recorded in December 2017 (19.55) per cent.

The rise in the food index was caused by increases in prices of imported food in general as well as bread and cereals, milk, cheese and eggs, vegetables, fish, coffee tea and cocoa, meat, potatoes, yam and other tubers and oil and fats.

The ‘’All Items Less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural produce, stood during the month of January 2018 at 12.10 per cent, similar to rate recorded in December 2017.

On a month-on-month basis, the Core sub-index increased by 0.68 per cent in January 2018, higher from 0.51 per cent recorded in December.
The average 12-month annual rate of change of the index was 13.01 per cent for the twelve-month period ending January 2018, this is 0.45 percentage points lower than 13.46 per cent recorded in December 2017.

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

In January 2018, all items inflation on a year-on-year basis was highest in Kebbi (18.55 per cent), Nasarawa (18.49 per cent) and Bauchi (18.01 per cent), while Delta (12.77 per cent), Kogi State (13.28 per cent) and Anambra (13.34 per cent) recorded the slowest rise in headline year-on- year inflation.
On a month-on-month basis however, January 2018 all items inflation was highest in Kogi (2.72%), Bayelsa (2.39%) and Sokoto (1.68%), while Kebbi, Bauchi and Cross River recorded price deflation on a month on month all item basis in January 2018.

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.

http://www.akelicious.com/2018/02/inflation-declines-for-12th-consecutive.html

Inflation fell from 15.37% to 15.13%. Fell by less than 1%? As in less than 0.5%? AS IN LESS THAN 0.25%?

To round up inflation fell from 15% to 15%.

Aketi Ah Yhu Mad?

Princessfa:
Inflation fell from 15.37% to 15.13%. Fell by less than 1%? As in less than 0.5%? AS IN LESS THAN 0.25%?

To round up inflation fell from 15% to 15%.

Aketi Ah Yhu Mad?

listen it's not a must to say something in every thread. Go back to romance section if you must make a comment. In the economy of a nation, every point matters no matter how insignificant it seems to you. People take decisions that matter to you and me based on these data. Like I said don't comment on every thread. Have a great weekend

I don't want inflation to decline on paper will have heard that alot but it should reflect practically ..


I mean it should should take practical expression in basic fundamentals.


Otherwise I don't need those plenty write up

Were!

Go will judge you guys for dishing out all these fake doctored statistics.

I buy things everyday. Am yet to notice which goods and commodities has its prices reduced.

Wailers

Every time inflation inflation inflation. when are we ever gonna hear DEFLATION. oga o


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Change is really here

Inflation on what reduced actually? Because all the things that increase are still d same price.

michlins:
listen it's not a must to say something in every thread. Go back to romance section if you must make a comment. In the economy of a nation, every point matters no matter how insignificant it seems to you. People take decisions that matter to you and me based on these data. Like I said don't comment on every thread. Have a great weekend

Why is her comment paining you?

It is yet to reflect on our commodities.

I'm not a fan of Statistics that don't reflect on realities of an average Nigerian. We are out of recession but we still live like it's still 2016.
If this fuel issue should persist more than this, we will witness hike in food prices. #Fact

When it drops to single digit,then we can talk....was it not single digit before
Bad and mediocre government of Buhari and APC...

Though I believe diz and it would av decline more but with diz herdsmen issue , a lot of pple has runaway from farm. So by DEC , we experience increase in inflation again

It's slowly reflecting in prices

APC is a joke. They are celebrating 15.13% inflation rate. Maybe they want me shout on top my voice "Take us back to single digit inflation". Stupid!!!

tonio2wo:
Inflation on what reduced actually? Because all the things that increase are still d same price.

Or increasing

OceanmorganTrix:




Or increasing

Abi?

15.13% inflation is still very high

gsparks01:
It's slowly reflecting in prices

Name the items or commodities.

koikoi2:
APC is a joke. They are celebrating 15.13% inflation rate. Maybe they want me shout on top my voice "Take us back to single digit inflation". Stupid!!!

we are coming out of a recession.
stupid.

How com dey dont use d same speed to announce wen it rose ?? How did it get above 15% in d first place? Dey are always quick to announce a so called drop in d inflation dat Neva reflects on prices... Inflation has been stuck at an all tym high ever since dey came in... We were told prices of Fud stuffs would com down becos of presidential directive becos d presidency has a farm abi... Who has bought a bag of rice or beans recently pls tell us d market prices

If there's anything I'm yet to understand, it's how Nigeria regulates it's inflation and CBN's mandate, because it's ineffective.

In most countries such as Australia, Canada, Switzerland, Eurozone, United Kingdom, Japan, New Zealand, United States etc. their central banks mandate is to keep inflation rate between 1 to 3% and they use everything at their disposal to achieve this from interest rates to Quantitative Easing, these guys don't joke with their Economic data, CPI, PPI, Consumer Confidence, Business Confidence, as in everything even shop prices because in layman's term an economy is hinged upon SPENDING.

We are still decades behind if our inflation sits at 15%

Na lieeeeee

Someone said, we to produce goods that give us huge export earnings that is until we earn more naira than dollar there'll be slow drag in inflation decline.

eezeribe:
When it drops to single digit,then we can talk....was it not single digit before
Bad and mediocre government of Buhari and APC...

When have we had single digit before?

koikoi2:
APC is a joke. They are celebrating 15.13% inflation rate. Maybe they want me shout on top my voice "Take us back to single digit inflation". Stupid!!!

When was it we had single digit inflation?

Wetin concern people like us wey no go school or understand the write up

It beats me how even the educated still believes in the imaginary inflation declination stats in Nigeria - Goto the streets to know more about inflation.

Education in Nigeria is just a waste of money.

Does this mean we’d finally be able to make use of five Naira?

michlins:
listen it's not a must to say something in every thread. Go back to romance section if you must make a comment. In the economy of a nation, every point matters no matter how insignificant it seems to you. People take decisions that matter to you and me based on these data. Like I said don't comment on every thread. Have a great weekend

she made her own point and was able 2 dissect it which passed every known mathematical parameter. If u felt she felt short, produce ur own analysis

arsenal33:


we are coming out of a recession.
stupid.

how did we get into recession in d first place