The National Bureau of Statistics on Wednesday released the Consumer Price Index, which measures inflation, with the rate dropping year-on-year by 0.24 basis points from 15.37 per cent in December to 15.13 per cent in January.
The bureau, in a report made available to our correspondent, said this was the 12th consecutive month that the index would be declining.
On a month-on-month basis, the bureau said the headline index increased by 0.80 per cent in January 2018, adding that this was 0.21 points higher than the 0.59 per cent recorded in December 2017.
The report read in part, “The Consumer Price Index, which measures inflation, started the year 2018 increasing by 15.13 per cent year-on-year in January 2018.
“This was 0.24 per cent points lower than the rate recorded in December (15.37 per cent), making it the 12th consecutive slowdown in the inflation rate though still positive in headline year-on-year inflation since January 2017.”
The NBS report stated that the urban inflation rate dropped to 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 to 14.76 per cent in January from 15.02 per cent in December 2017.
On month-on-month basis, the report noted that the urban index rose by 0.83 per cent in January 2018, up by 0.17 percentage points from the 0.66 per cent recorded in December 2017, while the rural index also rose by 0.77 per cent, up by 0.23 percentage points when compared with the 0.54 per cent in December.
For food inflation, the NBS said the food index dropped to 18.92 per cent year-on-year in January 2018, down from the 19.42 per cent rate recorded in December.
“The rise in the 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,” it added.
In January 2018, the report added that inflation on a year-on-year basis was highest in Kebbi (18.55 per cent); Nasarawa (18.49 per cent); and Bauchi (18.01 per cent); while Delta (12.77 per cent); Kogi (13.28 per cent) and Anambra (13.34 per cent) recorded the slowest rise in headline inflation.