Inflation drops to 15.13% in January – NBS

OBINNA EZUGWU

Consumer Price Index figures released by the National Bureau of Statistics (NBS) on Wednesday show that the country’s inflation rate dropped marginally to 15.13 percent in January from 15.37 percent in December 2017.

According to NBS, the latest figures indicate that inflation has now declined for twelfth consecutive months.

However, on a month-on-month basis, the bureau said the headline index increased by 0.80 percent in January 2018, adding that this is 0.21 per cent points higher from the rate of 0.59 percent recorded in December last year.

“The Consumer Price Index which measures inflation started the year 2018 increasing by 15.13 per cent year-on-year in January 2018,” the report said.

“This was 0.24 per cent points lower than the rate recorded in December (15.37 per cent) making it the twelfth consecutive slowdown in the inflation rate though still positive in headline year on year inflation since January 2017.”