Breaking News
Translate

Breaking: Nigeria’s inflation rate drops to 11.37 per cent – NBS

By Anthony Ogbonna

Nigeria inflation rate has dropped to 11.37 per cent in the month of January, reading a 0.07 percent points lower than (11.44) percent, the rate recorded in December 2018, the National Bureau of Statistics, NBS, said on Friday.

inflation

Oil price reverses trend, drops back to $60.90

In a released Consumer Price Index which measures inflation, the NBS said that the percentage change in the average composite, CPI, for the reviewed twelve months period ending January 2019 showed 0.3 percent point from 12.10 percent recorded in December 2018.

The statement reads thus:

“The consumer price index, (CPI) which measures inflation increased by 11.37 percent (year-on-year) in January 2019. This is 0.07 percent points lower than the rate recorded in December 2018 (11.44) percent.

“Increases were recorded in all COICOP divisions that yielded the Headline index.

On month-on-month basis, the Headline index increased by 0.74 percent in January 2019, same rate as was recorded in December 2018 (0.74) percent.

“The percentage change in the average composite CPI for the twelve months period ending January 2019 over the average of the CPI for the previous twelve months period was 11.80 percent, showing 0.3 percent point from 12.10 percent recorded in December 2018.

“The urban inflation rate increased by 11.66 percent (year-on-year) in January 2019 from 11.73 percent recorded in December 2018, while the rural inflation rate increased by 11.11 percent in January 2019 from 11.18 percent in December 2018.”

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!