Inflation rate drops in January – NBS

Inflation rate dips 0.09% in July – NBS
Illustrative picture. PHOTO CREDIT: SHIPS & PORTS archive

The National Bureau of Statistics (NBS) on Friday said Nigeria’s annual inflation stood at 11.37 percent in January, as against 11.44 percent in December.

This is a 0.07 percent drop compared to the rate recorded in December 2018, the bureau added.

According to NBS, increases were recorded in all Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

It said on a month-on-month basis, the headline index increased by 0.74 percent in January 2019, same as was recorded in December 2018 (0.74) percent.

A separate food price index showed inflation at 13.51 percent in January, compared with 13.56 percent in December, the bureau said.