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Food prices, others keep inflation at 9.6%

By Emmanuel Elebeke

Nigeria’s inflation rate remained unchanged at 9.6% in the month of January, maintaining the same figure recorded in December, 2015.

In its latest release for the month of January, the National Bureau of Statistics (NBS) said, while divisions such as food and non-alcoholic 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 & household equipment maintenance.

It noted that 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).

According to NBS, 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.

“All Items less Farm Produce” edged marginally higher, increasing by 8.8 per cent in January 2016 from 8.7 per cent in December 2015. The Core sub-index was supported by multiple divisions which contribute to the index such as Transport, Communication, Education and Others after increasing at the same pace for the third consecutive month,’’ said the NBS.

On a month-on-month basis, the bureau indicated that headline index increased at a slower pace in January relative to December.

Also in January, the urban index was said to have grown at the same pace relative to November, increasing by 9.7 per cent (year-on-year), while the rural index increased (albeit marginally) for a third consecutive month, increasing from 9.4 per cent in December to 9.5 per cent in January.

Similarly, the NBS report showed that petrol did not sell at the government approved price within the month under review.

According to the report, Nigerians actually paid above an average sum of N109.59 for a litre for the product in the same month government removed fuel subsidy.
For instance, in Abia State the product sold for N129.33; N99.60 in Abuja and N120.00 Akwa Ibon state. In Bayelsa State, it sold for N96.13 whereas in Delta state it sold for N98.50.


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