Nigeria’s Inflation Drops To 15.37% In December 2017 – NBS
Nigeria's inflation rate is dropping indicating gradual economic stability after the nation crawled out of recession last year.
A new report of the National Bureau of Statistics (NBS) says inflation rate, measured by the Consumer Price Index (CPI), has further dropped to 15.37% in December 2017 from 15.90% recorded in November.
The NBS CPI report for December 2017 was released on Tuesday in Abuja. It measured inflation ended the 2017 with a rate of 15.37% (year-on-year) in December 2017.
The report showed 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% in December 2017, 0.19% points higher from the rate of 0.78% recorded in November.
The NBS says the percentage of average composite CPI was 16.50 per cent in the month, showing 0.26% points lower from 16.76 per cent recorded in November 2017.
Meanwhile, the report showed the Urban Inflation Rate rose by 15.78% (year-on-year) in December from 16.27% recorded in November.
It, however, added that the rural inflation rate eased by 15.02% in December from 15.59% in November.
On month-on-month basis, the report stated that the urban index rose by 0.66% in December, down by 0.19 from 0.85% recorded in November.
According to the report, the corresponding 12 months year-on-year average percentage change for the urban index is 16.92% in December.
This, it stated, was less than 17.26% 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.