Nigerian Inflation Rate Remains Unchanged at 9.6%

ObamaNigerian president Muhammadu Buhari

The National Bureau of Statistics (NBS) in its monthly report released on Sunday, said Consumer Price Index (CPI) that measures inflation rate remains 9.6 percent in January.

The report highlighted slower increases in major divisions such as Housing, Water, Electricity, Furnishings & Household Equipment Maintenance, Gas and other Fuels as the cause of stagnant inflation, while other divisions such as Food and Non-Alcoholic Beverages, Clothing and Footwear, etc are said to have increased at faster pace in the same month.

The pace of increases in food prices recorded in January remain the same, 10.6 percent, as in December, while all major food groups which contributed to the Food sub-index increased at a faster pace during the month under review.

According to NBS, “The percentage change in the average composite CPI for the twelvemonth period ending in January 2016 over the average of the CPI for the previous twelve-month period was 9.1%, marginally higher from 9.0% recorded in December.”

“The corresponding twelve-month year-on year average percentage change for the Urban index increased from 9.1% in December to 9.2% in January, while the corresponding Rural index also edged higher from 8.9% in December to 9.0% in January.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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