Nigeria’s inflation decreases by 0.07% in January

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The Consumer Price Index, (CPI) which measures inflation increased by
11.37 percent (year-on-year) in January 2019, the National Bureau of
Statistics (NBS) has said.

According to the NBS in its CPI report for January 2019, it represents
a 0.07 percent points lower than the rate recorded in December 2018
(11.44) percent.

On month-on-month basis, the Headline index increased by 0.74 percent
in January 2019, same rate as was recorded in December 2018 (0.74)
percent.

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

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.

The composite food index rose by 13.51 percent in January 2019
compared to 13.56 percent in December 2018.

“The Core inflation, which excludes the prices of volatile
agricultural produce stood at 9.9 percent in January 2019, up by 0.1
percent when compared with 9.8 percent recorded in December 2018. On
month-on-month basis, the core sub-index increased by 0.81 percent in
January 2019.

“This was up by 0.31 percent when compared with 0.50 percent recorded
in December 2018.

“The highest increases were recorded in prices of Domestic services
and household services, Tobacco, major household appliances whether
electronic or not, Medical and Dental services, Garments, Narcotics,
Cleaning, repair and hire of clothing, Carpet and other floorings,”
the report stated.

At the state level, food inflation in January was highest in Kebbi
(16.45%), Delta (16.27%) and Ondo (15.63%), while Plateau (11.83%),
Enugu (11.64%) and Ogun (10.99%) recorded the slowest rise in food
inflation.

On month on month basis, however, January 2019 food inflation was
highest in Delta (2.73%), Kwara (2.50%) and Ondo (2.22%), while
Anambra, Ekiti, Enugu, Imo, Nasarawa, Osun and Zamfara 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 2019.

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