Home Business Nigeria’s Headline Inflation Accelerates to 18.72 Percent in January

Nigeria’s Headline Inflation Accelerates to 18.72 Percent in January

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The National Bureau of Statistics (NBS), said Nigerian consumer prices have increased for fourteen consecutive months. Headline inflation was 18.72 percent in January, 2017 up from 18.55 percent in December 2016. On month-on-month basis, the headline index increased 1.01 percent (vs. 1.06 percent in December 2016).

Food prices rose 17.82 percent, from 17.39 percent in the last month of 2016. On m/m basis, food inflation climbed by 1.29 percent, from 1.33 percent  in December 2016, with the highest increases recorded in Bread, Oil & Fats, Fish, Cereals, Meat, Potatoes, Yams and Other Tubers . Imported Food inflation was 20.6 percent, from 21.58 in December 2016.

Core inflation increased 17.9 percent, versus 18.1 percent in December 2016, with the highest increases reported in electricity, gas, liquid fuel, solid fuel, passenger transport by air, and fuel and lubricants for personal transport equipment. On a m/m basis, the core index increased at a higher rate of 0.68 percent (vs. 0.62 percent December 2016)

 

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