Inflation Slows To 15.13% In January – NBS
Nigeria’s annual inflation is going as predicted – all the way down.
On Wednesday, the National Bureau Statistics released the inflation figures for January which showed that prices of goods and services slowed to 15.13% compared with 15.37% in December.
This is the 12th time in a row inflation is slowing since last year.
Some more cheering news is even the food inflation which has always bucked the trend and remained on the high side but has also slowed in January to 18.92%, compared with 19.42% in December.
Of course, one cannot rule out the impact of the harvest season on that.
“The rise in the food index was caused by increases in prices of imported food in general as well as bread and cereals, milk, cheese ... meat, potatoes and other tubers,” the NBS said in a report.
Yemi Kale, head of the NBS, last month said he expects the rate of inflation to fall faster this year compared with 2017, but activities leading up to presidential elections next year could stoke prices.
Food inflation has remained in high double digits over the last year.
Kale said the country is in harvest season and output is increasing which would help lower food prices, but household consumption remained fragile after the 2016 recession.
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