Nigeria’s Inflation Rate Rises To 18.72%
By Concise News Correspondent
Nigeria’s inflation has climbed from 18.55 per cent to 18.72 per cent, between December 2016 and January 2017, according to the National Bureau of Statistics (NBS).
Consumer Price Index (CPI), which measures the average change over time in prices of goods and services consumed by people for a day-to-day living is 0.17 percent points higher from the points recorded in December.
A report released by the NBS in Abuja on Wednesday noted that increases recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline Index.
“Communication, Restaurants and Hotels again recorded the slowest pace of growth in January, growing at 5.1 per cent and 8.4 per cent (year-on-year) respectively.
“However, the faster pace of growth in headline inflation, year -on- year, were bread and cereals, meat, fish, oils and fats, potatoes, yams and other tubers as well as and wine and spirits.
Also, clothing materials and accessories, electricity, cooking gas, liquid and solid fuels, motor cars and maintenance, vehicle spare parts and fuels and lubricants for personal transport equipment, passenger transport by road.’’
On a month on month basis, the report stated that headline inflation was driven by passenger transport by air, fuels and lubricants for personal transport equipment and liquid fuels.
The report also stated that the headline inflation was driven by cooking gas, oils and fats, fruits, Mike cheese and eggs, fish, meat and bread as well as cereals.
Every month, 10,534 informants spread across the country provide price data for the computation of the CPI and the market items currently comprise of 740 goods and services regularly priced.
