Inflation Steady At 9.6% In January – NBS


Nigeria’s consumer inflation remained steady in January compared to December figure of 9.6 per cent, data from the National Bureau of Statistics showed yesterday

According to the NBS, “January, the change in levels recorded by Consumer Price Index (CPI) which measures inflation the held at a constant pace relative to January, increasing by 9.6 per cent.

While divisions such as Food and NonAlcoholic Beverages, Clothing and Footwear, and others increased at a faster pace in the month, relative to December 2015, the Headline index was weighed upon by slower increases in other major divisions such as Housing Water, Electricity, Gas and Other Fuels; and Furnishings as well as  Household Maintenance Equipment.

The pace of increases in food prices as recorded by the Food sub-index increased at the same pace in January as in December, increasing by 10.6 per cent year-on-year. During the month, all major food groups which contribute to the Food sub-index increased at a faster pace during the month with the exception of the Fruit,  Vegetables; Potatoes, Yam & Other Tubers; Sugar, Jam, Honey, Chocolate and Confectionery groups.

The percentage change in the average composite CPI for the 12 month period ending in January 2016 over the average of the CPI for the previous twelve-month period was 9.1 per cent, marginally higher from 9.0 per cent recorded in December. The corresponding twelve-month year-on year average percentage change for the Urban index increased from 9.1 per cent in December to 9.2 per cent in January, while the corresponding Rural index also edged higher from 8.9 per cent in December to
9.0 per cent in January.