Nigeria’s Inflation Rate Drops To 11.37% – NBS

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National Bureau of Statistics logo
National Bureau of Statistics logo

Nigeria inflation rate has dropped to 11.37 per cent in January, this year, the National Bureau of Statistics, NBS, said on Friday.

This reading shows a 0.07 percent points lower than (11.44) percent, the rate recorded in December 2018.

In a released Consumer Price Index which measures inflation, the NBS said that the percentage change in the average composite, CPI, for the reviewed 12 months period ending January 2019 showed 0.3 pecent point from 12.10 percent recorded in December 2018.

The statement reads thus: “The consumer price index, (CPI) which measures inflation increased by 11.37 percent (year-on-year) in January 2019.

This is 0.07 per cent points lower than the rate recorded in December 2018 (11.44) percent. “Increases were recorded in all COICOP divisions that yielded the Headline index.

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 12 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.”