16 February 2019

Nigeria: Inflation Dropped to 11.37% in January

The rate at which the prices of goods and services in Nigeria rise, declined in January 2019 as the consumer price index (CPI), which measures inflation, increased by 11.37 per cent, at 0.07 per cent points lower than 11.44 per cent that was recorded in December 2018, according to figures released by the National Bureau of Statistics (NBS), yesterday.

On month-on-month basis, the headline index increased by 0.74 per cent in January 2019, same rate as was recorded in December 2018. The percentage change in the average composite CPI for the 12 months period ending January 2019 over the average of the CPI for the previous 12 months period was 11.80 per cent, showing 0.3 per cent point from 12.10 per cent recorded in December 2018.

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

On a month-on-month basis, the urban index rose by 0.77 per cent in January 2019, up by 0.01 from 0.76 per cent recorded in December 2018, while the rural index also rose by 0.71 per cent in January 2019, down by 0.01 per cent from the rate recorded in December 2018 (0.72) per cent.

The corresponding 12-month year-on-year average percentage change for the urban index is 12.20 per cent in January 2019. This is less than 12.51 per cent reported in December 2018, while the corresponding rural inflation rate in January 2019 is 11.46 per cent compared to 11.75 per cent recorded in December 2018.

Analysts at Cordros Capital noted that softer headline inflation was to be expected given the still stable foreign exchange, subdued energy prices, passing through from receding consumer demand for farm produce as the festive period concludes.

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