NBS: Inflation Drops Further To 15.37 % In December

As Food Prices Drops too

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Nigeria’s inflation rate further dropped to 15.37 per cent in December 2017 from 15.90 per cent recorded in November of the same year.

The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index (CPI) report for December 2017 released on Tuesday in Abuja.

The CPI, which measured inflation, ended the 2017 with a rate of 15.37 per cent (year-on-year) in December 2017.

According to the bureau, this is 0.53 per cent points lower than the rate recorded in November.

The report states that it became 11th consecutive disinflation (slowdown in the inflation rate though still positive) in headline year -on- year inflation since January 2017.

According to the report, increases have been recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.

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

It states that the percentage changed in the average composite CPI for the 12 months period ending in December 2017 over the average of the CPI for the previous 12 months period.

The NBS states that the percentage of average composite CPI was 16.50 per cent in the month, showing 0.26 per cent points lower from 16.76 per cent recorded in November 2017.

Other Statistics

Meanwhile, the bureau says food inflation dropped 0.89 points in December to stand at 19.42 percent as against 20.31 percent recorded in November.

This is the first major decline in food inflation since it started increasing in November 2014.

In November, food inflation recorded the lowest month-on-month movement since September 2016.

The last time the nation’s food inflation figure was in this region was between January and February 2009 when it was put at 18.4 percent and 20 percent respectively.

The report also states that the Urban Inflation Rate rose by 15.78 per cent (year-on-year) in December from 16.27 per cent recorded in November.

It, however, states that 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 report stated that the urban index rose by 0.66 per cent in December, down by 0.19 from 0.85 per cent recorded in November.

It also states that the rural index rose by 0.54 per cent in December, down by 0.18 per cent when compared with 0.72 per cent in November.

According to the report, the corresponding 12 months year-on-year average percentage change for the urban index is 16.92 per cent in December.

This, it states, was 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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