Nigeria: Inflation Rate Dropped to 15.37% in Dec Amidst Fuel Scarcity

17 January 2018

Nigeria’s inflation rate ended the year 2017 with a rate of 15.37 per cent) in December 2017, being 0.53 percentage points lower than the 15.90 per cent recorded in November.

The inflation report released yesterday by the National Bureau of Statistics (NBS) indicated that this latest decline in inflation rate was the 11th consecutive slowdown in the inflation rate in headline year-on-year inflation since January 2017.

The report also revealed that increases were recorded in all COICOP divisions that yielded the Headline Index.

“The highest increases were recorded in prices of fuel and lubricants for personal transport equipment, solid fuels, passenger transport by air, clothing materials and other articles of clothing, vehicle spare parts, non-durable goods, furniture and furnishing, carpet and other floor coverings, shoes and other footwear, bicycles and motorcycles, hospital services and glassware, table and household utensils and appliances,” the report stated.

On a month-on-month basis, the Headline index increased by 0.59 per cent in December 2017, 0.19 percentage points higher from the rate of 0.78 per cent recorded in November.

NBS reported that the percentage change in the average composite CPI for the 12-month period ending in December 2017 over the average of the CPI for the previous 12-month period was 16.50 per cent, showing 0.26 percentage points lower from 16.76 per cent recorded in November 2017.

The Urban inflation rate rose by 15.78 per cent (year-on-year) in December from 16.27 per cent recorded in November, while the Rural inflation rate also eased by 15.02 per cent in December from 15.59 per cent in November.

On month-on-month basis, the urban index rose by 0.66 per cent in December, down by 0.19 from 0.85 per cent recorded in November, while the rural index rose by 0.54 per cent in December, down by 0.18 when compared with 0.72 per cent in November.

The corresponding 12 month year-on-year average percentage change for the urban index is 16.92 per cent in December. This is less than 17.26 per cent reported in November 2017, while the corresponding rural inflation rate in December is 16.10 per cent compared to 16.29 per cent recorded in November 2017.

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