Inflation Stable at 9.6% in January

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Kemi Adeosun

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DESPITE economy difficulties facing Nigerians, the National Bureau of Statistics, NBS, said the inflation rate is stable at 9.6 percent. It stated that the Consumer Price Index, CPI, which measures inflation pace on monthly basis, remained constant in January of 2016 when compared with December 2015, which was 9.6 percent.

The NBS data in its website indicated that, while divisions such as food and non-alcoholic beverages, clothing and others increased at a faster pace in the month, relative to December 2015, the headline index was weighed upon by slower increases in other major divisions such as housing, water, electricity, gas and other fuels; and furnishings and household equipment maintenance.

The report said, “The pace of increases in food prices as recorded by the food sub-index increased at the same pace in January as in December, increasing by 10.6 percent (year-on-year). During the month, all major food groups, which contribute to the food sub-index increased at a faster pace during the month with the exception of the fruit vegetables; potatoes, yam and other tubers; sugar, jam, honey, chocolate and confectionery groups.”

After increasing at the same pace for the third consecutive month, “all items less farm produce” or core sub- index edged marginally higher, increasing by 8.8 percent in January 2016 from 8.7 percent in December 2015. The core sub-index was supported by multiple divisions, which contribute to the index such as transport, communication, education and others.

It noted that on a month-on-month basis, the headline index increased at a slower pace in January relative to December 2015. The index also rose by 0.9 percent, marginally lower from 1.0 percent in December, as most contributing divisions slowed with the exceptions of the education, housing and water.

In December 2015 inflation figure, NBS had said that a number of factors including, higher cost of imported food times, non-alcoholic beverages; tobacco and intermittent petrol shortages combined in pushing up inflation in the month of December to 9.6 percent from previous 9.4 percent figure of November. The figure was 0.2 percent higher to November figure, representing consecutive second month the CPI is rising marginally.

— Feb 29, 2016 @ 01:00 GMT

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