Economy: Nigeria’s inflation drops to 15.13 % in January – NBS

Declining inflation rate in Nigeria has not reduced 

the cost of living of the people which is now on the increase.(SweetCrudeReports)

The NBS disclosed this in its CPI report for January 2018 released on Wednesday in Abuja.

The inflation rate, measured by the Consumer Price Index (CPI), has further dropped to 15.13 per cent in January from 15.37 per cent recorded in December, 2017, National Bureau of Statistics (NBS) has said.

The NBS disclosed this in its CPI report for January 2018 released on Wednesday in Abuja.

The Consumer Price Index (CPI), which measures inflation, started the year 2018 increasing by 15.13 percent (year-on-year) in January 2018.

According to the bureau, this is 0.24 per cent points lower than the rate recorded in December (15.37 per cent).

It 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.

It, however, stated that increases were recorded in the Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.

On a month-on-month basis, the report stated that 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.

By NAN.

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