The National Bureau of Statistics (NBS), Nigeria’s official data agency, has said January’s Consumer Price Index (CPI), which measures inflation, again dropped to 15.13 per cent, up from the December 2017 level of 15.37 per cent.

Breaking down the January CPI report released yesterday, the NBS said the new figure is 0.24 per cent points lower than the rate recorded in December, making it the 12th consecutive disinflation in headline year on year inflation since January 2017.

The report said increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions of all consumption items that yield the Headline Index.


“ 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.”

It further added 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, while the rural inflation rate also eased by 14.76 per cent in January 2018 from 15.02 per cent in December 2017, while 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 per cent when compared with 0.54 per cent in December 2017.

It explained that the corresponding 12-month year-on-year average percentage change for the urban index is 16.55 per cent in January 2018, which is less than 16.92 per cent reported in December 2017, with the corresponding rural inflation rate in January 2018 now being 15.89 per cent compared to 16.10 per cent recorded in December 2017.

Meanwhile, the Central Bank of Nigeria (CBN) yesterday revealed that it has in the past two years of the implementation of its Anchor Borrowers Programme disbursed N55 billion to over 250, 000 farmers.

The Acting-Director, Corporate Communications Department, of the apex bank, Mr. Isaac Okorafor revealed the figure yesterday in Abuja during a media briefing.

The ABP launched in Kebbi State on November 17, 2015 by President Muhammadu Buhari was designed to create economic linkages between farmers and processors, not only to ensure increased agricultural output of rice and wheat, but to also close the gap between production and consumption, with the ultimate goal of checking against food inflation brought about by import cost.

He said out of the N55 billion provided by the apex bank, 80 per cent, representing N44 billion was given to rice farmers alone.

He said the need to provide rice farmers adequate funding was to ensure self-sufficiency in rice production and to also ensure that Nigeria becomes a net exporter of the product.

The Rice Farmers Association of Nigeria (RIFAN) President, Aminu Gorongo, said that unlike in the past where the anchor borrowers programme partnership was between the CBN and state governments, a private sector-driven initiative has been launched to drive the programme.

http://www.akelicious.com/2018/02/january-inflation-drops-to-1513-says-nbs.html

It drops on paper, not in the market.

Okay

Inflation is always flunctuating, if you must tell us when it is reduces also tell us when it rises. #enoughOfPropaganda.

Desyner:
Inflation is always flunctuating, if you must tell us when it is reduces also tell us when it rises. #enoughOfPropaganda.

Dont mind dem... Dey are always telling us its dropping but forget we are d ones seeing d realities on ground. If it's dropping how com dey didn't also let us know wen it rose...

Same NBS that doesn't know the actual population of Nigeria??



They will just sit in their office and estimate figure and give to the gullible Nigerians to digest...

story for the dogs. they should stop deceiving us abeg. when the inflation drops it will reflect in the economy and the masses can attest to it. as it stands there is still no light, no water, no roads and there is still insecurity. inflation drop and people are still jobless? how many jobs were created in January for inflation to drop? instead of the government to bail out private firms that are closing they are chasing the remaining ones standing on one foot for tax revenues.

Zuma has resigned and Buhari should do the same. He and zuma na age mate. Buhari act you age and do what your mates do. You are sick and your teeth look bad. resign and go back to daura we do not need a cattle herder as a president. let us have a sound and innovative youth in power abeg

NBS stats are not reliable. They always betray the realities on ground.

My question is at how many % did you guys meet it?

it keeps dropping on paper but its not dropping in the prices of things.


make weytin happen to Jacob Zuma no go happen to this government

smokedfish:
My question is at how many % did you guys meet it?

no mind dem...dy met it at 11.09

Thank God, I love PMB, he's man of action with reliable speed.

Lies

Desyner:
Inflation is always flunctuating, if you must tell us when it is reduces also tell us when it rises. #enoughOfPropaganda.

who told you when it was high then? they same agency report negatively you celebrate, when the report positively it is a poo. Abeg what are your prayers?

Until mama divine reduce garri money, i no go believe this news.

Yet the inflation rate is still in double digits.

Clap for sai baba.

Desyner:
Inflation is always flunctuating, if you must tell us when it is reduces also tell us when it rises. #enoughOfPropaganda.

when this same NBS gives bad statistics, people like you are quick to attack the government but if it's a good news, it's a propaganda. You can be better than this bro

NOC1:


who told you when it was high then? they same agency report negatively you celebrate, when the report positively it is a poo. Abeg what are your prayers?

Please do tell what's positive about this news? Inflation is still hovering around 15% and is still in double digits. When it drops to single digits (below 10%) we'll celebrate. Till then this news is simply CRAP.

Na lieeeeee

15% inflation? Damn

demonic stats from the pit of hell! prevailng prices says otherwise. govt of propaganda, by propaganda, for moorons!

Dropping for negativity or positivity at. My own real conomics.masses are shortage of cash.

Who remembers the old song:

Can you feel it

Inflation only drops in Aso rock and Bureau of Statistics....

Inflation no dey ever drop for market..... Liars of the federal republic of Nigeria.

Inflation fall on you, buhari