- Nigeria’s Inflation Improves to 15.13% in January
The cost of goods and services in Africa’s largest economy, Nigeria, increased at a slower pace in January, the National Bureau of Statistics reported on Wednesday.
The Consumer Price Index, which measures inflation rate climbed by 15.13 percent year-on-year in January, down from 15.37 percent recorded in December. Making it the twelfth consecutive month of disinflation and the slowest pace of increase since January 2017.
However, despite the improved headline number, higher costs were recorded in all the COICOP divisions in the month. Meaning costs were higher across the board in January.
On a monthly basis, inflation rose 0.80 percent in January, 0.21 percent higher than the 0.59 percent recorded in December 2017.
Also, the composite CPI grew at a slower pace in January, increasing by 16.22 percent. A 0.28 percent decline when compared to 16.50 percent recorded in December 2017.
While Food Index surged by 18.92 percent year-on-year in January, down from the 19.42 percent recorded in December. But on a monthly basis, Food Index increased by 0.87 percent, up by 0.29 percent from 0.58 percent recorded in December. Another indication of rising food prices across the nation.