The National Bureau of Statistics (NBS) has stated that the Consumer Price Index (CPI), which measures inflation, started the year 2018 increasing by 15.13 percent (year-on-year) in January 2018.
This was 0.24 percent points lower than the rate recorded in December (15.37 percent), making it the twelfth consecutive disinflation (slowdown in the inflation rate, though still positive) in a headline year-on-year inflation since January 2017
The bureau stated this on Wednesday in its newly released “Consumer Price Index January 2018”
According to the Bureau, on a month-on-month basis, the headline index increased by 0.80 percent in January 2018, representing a 0.21 percent points higher from the rate of 0.59 percent 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 percent, showing 0.28 percent point lower from 16.50 percent recorded in December 2017.
“High year on year food prices and food price pressure continued into December though generally at a slower paceyearonyear.
The statistics office also stated that the food Index increased by 18.92 percent (year-on-year) in January 2017, down from the rate recorded in December (19.42 percent).
“On a month-on-month basis, the Food sub-index increased by 0.87 percent in January 2018, down by 0.29 percent from 0.58 percent 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 percent, 0.07 percent points from the average annual rate of change recorded in December 2017 (19.55) percent.
According to the NBS, the rise in 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 Bureau stated further that in January 2018, all items inflation on a year on year basis was highest in Kebbi (18.55%), Nasarawa (18.49%) and Bauchi (18.01%), while Delta (12.77%), Kogi States (13.28%) and Anambra (13.34%) 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.
It added that 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 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,” stated NBS.