No respite for consumers as inflation rate hits 18.72%

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Hopes that the Consumer Price Index which measures inflation would reduce soon following promises by government were dashed  as the index increased by 18.72 per cent (year-on-year) in January 2017.

The  National Bureau of Statistics in its CPI report which was released on Wednesday in Abuja said the 18.72 per cent rise in inflation rate is 0.17 percentage points higher than the18.55 per cent recorded in December 2016.

It said, “The Consumer Price Index which measures inflation increased by 18.72 per cent year-on-year in January 2017, 0.17 percentage points higher from the rate recorded in December 2016 18.55 per cent.”

The NBS report said the fastest pace of growth in headline inflation, year on year, were seen in bread and cereals, meat, fish, oils and fats, potatoes, yams and other tubers, wine and spirits, clothing materials and accessories.

Others are electricity, cooking gas, liquid and solid fuels, motor cars and maintenance, vehicle spare parts and fuels and lubricants for personal transport equipment, passenger transport by road.

On a month on month basis, the NBS report said food Index increased by 17.82 per cent (year-on-year) in January, up by 0.43 percentage points from rate recorded in December 2016. 

During the month, the report said all major food sub-indexes increased, with soft drinks recording the slowest pace of increase at 7.8 per cent year on year.

The NBS report said the urban index rose by 20.31 per cent (year-on-year) in January from 20.12 per cent recorded in December, while the rural index increased by 17.34 percent in January from 17.20 percent in December.

On month-on-month basis, the urban index rose by 1.03 per  cent in January from 1.08 per cent recorded in December, while the rural index rose by one per cent in January from 1.04 per cent in December. 

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