The January inflation rate, measured by the Consumer Price Index (CPI), has further dropped to 15.13 per cent from 15.37 percent recorded in December last year, the National Bureau of Statistics (NBS) said on Wednesday in Abuja.
The CPI report, which measures inflation, started the year 2018 increasing by 15.13 per cent (year-on-year) in January. According to the bureau, this is 0.24 per cent points lower than the rate recorded in December (15.37 percent).
It stated that the rate recorded made it the twelfth consecutive disinflation (slowdown in the inflation rate though still positive) in headline year-on-year inflation since January 2017.
It, however, stated that increases were recorded in the Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index. On a month-on-month basis, the report stated that the Headline index increased by 0.80 per cent in January, 0.21 per cent points higher from the rate of 0.59 per cent recorded in December last year.
The percentage change in the average composite CPI for the 12-month period ending January this year over the average of the CPI for the previous 12-month period was 16.22 per cent.
It stated that the figures showed 0.28 per cent point lower from 16.50 per cent recorded in December 2017.