The Consumer Price Index (CPI) which measures inflation rate crashed to 15.13% in January 2018 from December’s rate of 15.37%, National Bureau of Statistics (NBS) has said.
The latest trend down is 0.24 per cent points lower than the rate recorded in December (15.37 per cent).
NBS stated that the rate recorded made it the twelfth consecutive disinflation (slowdown in the inflation rate though still positive) in headline year-on-year inflation since January 2017, according to NBS, is the 12th consecutive time.
However, the bureau noted that the month under review was still characterized by food price pressure driven mostly by increases in prices of imported food in general.
Other food items that recorded increase in prices during the period under review are, bread and cereals, milk, cheese and eggs, vegetables, fish, coffee tea and cocoa, meat, potatoes, yam and other tubers, and oil and fats.
“Increases were recorded in all COICOP divisions that yield the Headline Index. On a month-on-month basis, the headline index increased by 0.80 per cent in January 2018, 0.21 per cent points higher from the rate of 0.59 per cent recorded in December 2017.
“The percentage change in the average composite CPI for the 12-month period ending January 2018 over the average of the CPI for the previous 12-month period was 16.22 per cent, showing 0.28 per cent point lower from 16.50 per cent recorded in December 2017,” explained NBS.
NBS said urban inflation rate rose by 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 by 14.76 per cent in January 2018 from 15.02 per cent in December 2017.
On food index, the bureau noted that high year-on-year food prices and food price pressure continued into January though generally at a slower pace year on year.
“The Food Index increased by 18.92 per cent (year-on-year) in January 2017, down from the rate recorded in December (19.42 per cent). On a month-on-month basis, the food sub-index increased by 0.87 per cent in January 2018, down by 0.29 per cent from 0.58 per cent recorded in December.
“The average annual rate of change of the food sub-index for the 12-month period ending January 2018 over the previous 12-month average was 19.62 per cent, 0.07 per cent points from the average annual rate of change recorded in December 2017 (19.55) per cent,” the report stated.
Meanwhile, all items inflation on a year-on-year basis during the period varies from state to states.
For January 2018, Kebbi State recorded highest of all items inflation with (18.55%), Nasarawa (18.49%) and Bauchi (18.01%), while Delta (12.77%), Kogi (13.28%) and Anambra (13.34%) recorded the slowest rise in headline year-on-year inflation.
On a month-on-month basis in 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.
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.