Inflation crashes to 15.13% –NBS

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Samuel Bello, Abuja

The National Bureau of Statistics (NBS) yesterday disclosed that Consumer Price Index (CPI), an inflation rate measurement, slumped to  15.13 per cent in January from the 2017 December rate of 15.37 per cent. 

The latest downward trend is 0.24 per cent points lower than the rate recorded in December (15.37 per cent) according to NBS.

However, the bureau noted that the month under review was largely characterised by food price pressure driven mostly by increases in prices of imported food in general.

Other food items that recorded increase in prices during the period under review  include bread and cereals, milk, cheese and eggs, vegetables, fish, coffee, tea and cocoa, meat, potatoes, yam and other tubers, and oil and fats.

“Increases were recorded in all 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, 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,” explained NBS.

With regards to urban inflation, the NBS said the 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 food index, the bureau noted that 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 12-month period ending January 2018 over the previous 12-month average was 19.62 per cent, 0.07 per cent points from the average annual rate of change recorded in December 2017 (19.55) per cent. 

Meanwhile, all items inflation on a year-on-year basis during the period varies from state to state. 

For January 2018, Kebbi State recorded highest of all items inflation with (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 in January 2018, all items inflation was highest in Kogi (2.72 per cent), Bayelsa (2.39 per cent) and Sokoto (1.68 per cent), while Kebbi, Bauchi and Cross River states 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 per cent), Nasarawa (22.77 per cent) and Bayelsa (22.60 per cent), while Bauchi (13.34 per cent), Anambra (14.63 per cent) and Benue (14.78 per cent recorded the slowest rise in food inflation. 

On a month on month basis however, January 2018 food inflation was highest in Bayela (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.

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