The National Bureau of Statistics (NBS), on Wednesday released the Consumer Price Index showing that Nigeria’s inflation rate galloped farther from the single digit region as it stood at 18.72% at the end of January, 2017, up from December’s 18.55%.
This time around however, growth was faster at 0.17% year-on-year than the 0.07% of the festive season associated with the months of November and December, caused by all divisions, particularly “bread and cereals, meat, fish, oils and fats, potatoes, yams and other tubers, wine and spirits, clothing materials and accessories, electricity, cooking gas, liquid and solid fuels, motor cars and maintenance, vehicle spare parts and fuels and lubricants for personal transport equipment, passenger transport by road. Communication, restaurants and hotels again recorded the slowest pace of growth.
On a month on month basis, the NBS noted that headline inflation was driven by “passenger transport by air, fuels and lubricants for personal transport equipment, liquid fuels, cooking gas, oils and fats, fruits, Milk, cheese and eggs, fish, meat and bread and cereals.”
The food index rose by 17.82% (year-on-year) for the period, a 0.43% increase from 17.39% recorded in December 2016, with all major food sub-indexes, including soft drinks recording the slowest pace of increase at 7.8% (year on year); while price movement in all items less farm produce or Core sub-index rose by 17.9% (year-on-year) in January, down by 0.2% points from rates recorded in December 2016 (18.10) percent.
“During the month, the highest increases were seen in housing, water, electricity, gas and other fuels, education and transport growing at 27.2, 21.0 and 17.2% respectively.
“On a month-on-month basis, the Headline index increased albeit, at a slower pace in January 2017. The index increased by 1.01% point in January, 0.05% points from 1.06% rate recorded in December 2016.”
Also, the urban index rose by 20.31% (year-on-year) in January from 20.12 percent recorded in December, and the Rural index increased by 17.34% in January from 17.2% in December, while on a month-on-month basis, the index increase by 1.03% in January from 1.08% in December, while the rural index rose by 1.00 percent in January from 1.04 percent in December.