Nigeria: Inflation Drops to 11.37% in January

By Modupe Gbadeyanka

The National Bureau of Statistics (NBS) on Friday released the inflation figures of Nigeria for the month of January 2019.

According to the stats office, the consumer price index (CPI), which measures inflation, moderated by 0.07 percent to 11.37 percent year-on-year in January 2019 from the 11.44 percent recorded in December 2018.

The drop in the inflation rate for the period under review was on the back of the ease in the composite food index, which stood at 13.51 percent in contrast to 13.56 percent in December 2018.

In its report today, the NBS said on month-on-month basis, the headline index increased by 0.74 percent in January 2019, same rate as was recorded in December 2018, while on month-on-month basis, the food sub-index increased by 0.83 percent in January 2019, up by 0.02 percent points from 0.81 percent recorded in December 2018.

It was disclosed that the percentage change in the average composite CPI for the 12 months period ending January 2019 over the average of the CPI for the previous 12 months period was 11.80 percent, showing 0.3 percent point from 12.10 percent recorded in December 2018.

In addition, the urban inflation rate increased by 11.66 percent (year-on-year) in January 2019 from 11.73 percent recorded in December 2018, while the rural inflation rate increased by 11.11 percent in January 2019 from 11.18 percent in December 2018.

On a month-on-month basis, the urban index rose by 0.77 percent in January 2019, up by 0.01 from 0.76 percent recorded in December 2018, while the rural index also rose by 0.71 percent in January 2019, down by 0.01 percent from the rate recorded in December 2018 (0.72) percent.

The corresponding 12-month year-on-year average percentage change for the urban index is 12.20 percent in January 2019.

This is less than 12.51 percent reported in December 2018, while the corresponding rural inflation rate in January 2019 is 11.46 percent compared to 11.75 percent recorded in December 2018.