Nigeria’s inflation dropped by 0.07 per cent in January 2019, the National Bureau of Statistics reports. According to the NBS, the consumer price index, (CPI) which measured inflation increased by 11.37 per cent (year-on-year) in January 2019. “This is 0.07 per cent points lower than the rate recorded in December 2018 (11.44) per cent. Increases were recorded in all COICOP divisions that yielded the Headline index,” it said.
On a month-on-month basis, the NBS said the Headline index increased by 0.74 per cent in January 2019, the same rate as was recorded in December 2018 (0.74) per cent.
“The percentage change in the average composite CPI for the twelve months period ending January 2019 over the average of the CPI for the previous twelve 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,” it added.
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