Basic Inflation rates highlight:
- Inflation rate reduced to 11.37 per cent in January 2019 from 11.44 per cent in December 2018. This represents a 0.07 per cent points slower in inflation rate for the period.
- The Headline index increase by 0.74 per cent in January 2019, the same rate recorded in December 2018.
- Urban inflation rate increased by 11.66 per cent (year-on-year) in January 2019 as against 1.73 per cent recorded in December 2018.
- Rural inflation rate increase by 11.11 per cent in January 2019 from 11.18 per cent in December 2018.
- Core inflation increased from 9.8 per cent in December 2018 to 9.9 per cent in January 2019.
- Delta State recorded the highest inflation rate in January 2019, while Ekiti, Nasarawa and Osun witnessed deflation.
The National Bureau of Statistics (NBS) has just released the monthly Consumer Price Index (CPI) and Inflation report, covering the period of January 2019. From the report, Nigeria’s inflation figure dropped to 11.37 per cent in January, as against 11.44 per cent in December 2018. This represents a 0.07 per cent points decline in the inflation rate in Nigeria.
According to the NBS report, the composite food index rose by 13.51 per cent in January 2019 from 13.56 per cent in December 2018. It was reported that the rise was triggered by increases in prices of fish, bread and cereals, vegetables, meat, potatoes, yam and other tubers, oils and soft drinks. On a month-on-month basis, there was an increase in the food sub-index by 0.83% in January 2019 compared to 0.81 per cent in December 2018. This represents a 0.02 per cent increase in food sub-index for the period under review.
In terms of core inflation (inflation minus farm produce), the country witnessed an increase of 0.1 per cent in January 2019. That is, core inflation increased from 9.8% in December 2018 to 9.9% in January 2019.
Also, the Bureau noted that the highest increases were recorded in prices of items such as domestic and household services, Narcotics, Cleaning, repair and hire of clothing, Carpet and other floorings. The average 12-month annual rate of change of the index was 10.34 percent for the twelve-month period ending January 2019. This implies a 0.17 per cent points lower than 10.51 per cent recorded in December 2018.