Nigeria’s annual inflation stood at 11.37% in January 2019, compared with 11.44% in December, the National Bureau of Statistics said on Friday.

According to the consumer price index, (CPI) which measures inflation, this is 0.07% points lower than the rate recorded in December 2018 (11.44%).

On month-on-month basis, the Headline index increased by 0.74% in January 2019, same rate as was recorded in December 2018 (0.74%).

“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%, showing 0.3% point from 12.10% recorded in December 2018,” NBS said.

The urban inflation rate increased by 11.66% (year-on-year) from 11.73% recorded in December 2018, while the rural inflation rate increased by 11.11% from 11.18% in December 2018.

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On a month-on-month basis, the urban index rose by 0.77%, up by 0.01 points from 0.76% recorded in December 2018, while the rural index also rose by 0.71%, down by 0.01% from the rate recorded in December 2018 (0.72%).

“The corresponding twelve-month year-on-year average percentage change for the urban index is 12.20%. This is less than 12.51% reported in December 2018, while the corresponding rural inflation rate within the period is 11.46% compared to 11.75% recorded in December 2018,” the report said.

A separate food price index showed inflation at 13.51% in January, compared with 13.56% in December.

Cost of living is a major part of the elections starting on February 16, and the Central Bank of Nigeria has set a target for a single-digit inflation of around 9% before the end of 2019.

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