Nigerian Inflation drops to 15.13 % in January

In more positive note on the economy, the inflation rate dropped to 15.13 per cent in January from 15.37 per cent recorded in December, 2017, according to the National Bureau of Statistics.

This was disclosed in the NBS Consumer Price Index report for January 2018 released Wednesday in Abuja.

The CPI, which measures inflation, started the year 2018 increasing by 15.13 percent (year-on-year) in January 2018, which is 0.24 per cent points lower than the rate recorded in December (15.37 per cent).

It added that the rate recorded made it the twelfth consecutive disinflation (slowdown in the inflation rate though still positive) in headline year-on-year inflation since January 2017 when the economy began to show signs of recovery from the crippling recession of 2016.

The report however stated that the Urban inflation rate rose by 15.56 per cent (year-on-year) in January 2018 from 16.78 per cent recorded in December 2017.

On the other hand, the rural inflation rate eased by 14.76 per cent in January 2018 from 15.02 per cent in December 2017.

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

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