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Nigerian inflation rate declines for 12th consecutive month in January from 15.37% in Dec 2017

Nigeria’s statistical authority, the National Bureau of Statistics (NBS), Wednesday said inflation rate for the month of January dropped to 15.13 percent from 15.37 percent recorded in December 2017, representing a 12th consecutive monthly decline year-on-year.

The Consumer Price Index (CPI) which measures inflation started the year 2018 increasing by 15.13 percent (year-on-year) in January 2018 and stated that this is 0.24 percent points lower than the rate recorded in December (15.37 percent).

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 percent in January 2018, 0.21 percent points higher from the rate of 0.59 percent recorded in December 2017.

The percentage change in the average composite CPI for the twelve-month period ending January 2018 over the average of the CPI for the previous twelve-month period was 16.22 percent.

It stated that the figures showed 0.28 percent point lower from 16.50 percent recorded in December 2017.

Meanwhile, it stated that the Urban inflation rate rose by 15.56 percent (year-on-year) in January 2018 from 16.78 percent recorded in December 2017.

The report stated that the rural inflation rate also eased by 14.76 percent in January 2018 from 15.02 percent in December 2017.

On a month-on-month basis, the bureau stated the urban index rose by 0.83 percent in January 2018, up by 0.17 from 0.66 percent recorded in December 2017.

It stated that the rural index also rose by 0.77 percent in January 2018, up by 0.23 percent when compared with 0.54 percent in December 2017.

According to the report, the corresponding twelve-month year-on-year average percentage change for the urban index is 16.55 percent in January 2018.

It stated that this was less than 16.92 percent reported in December 2017, while the corresponding rural inflation rate in January 2018 was 15.89 percent compared to 16.10 percent recorded in December 2017.

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