CPI Rises to 18.72% in January 2017, 0.17% Higher Than 18.55% December 2016 Rate


Wednesday, February 15, 2017/ 12:30 PM /NBS

All Items Index
The Consumer Price Index (CPI) which measures inflation increased by 18.72 percent (year-on-year) in January 2017, 0.17 percentage points higher from the rate recorded in December 2016 (18.55) percent. Increases were recorded in all COICOP divisions that yield the Headline Index. Communication and Restaurants and Hotels again recorded the slowest pace of growth in January, growing at 5.1 percent and 8.4 percent (year-on-year) respectively.

However, the faster pace of growth in headline inflation, year on year, were bread and cereals, meat, fish, oils and fats, potatoes, yams and other tubers, wine and spirits, clothing materials and accessories, electricity, cooking gas, liquid and solid fuels, motor cars and maintenance, vehicle spare parts and fuels and lubricants for personal transport equipment, passenger transport by road

On a month on month basis, headline inflation was driven by passenger transport by air, fuels and lubricants for personal transport equipment, liquid fuels, cooking gas, oils and fats, fruits, Miké cheese and eggs, fish, meat and bread and cereals.

The Food Index increased by 17.82 percent (year-on-year) in January, up by 0.43 percent points from raterecorded in December 2016 (17.39) percent. During the month, all major food sub-indexes increased, with Soft Drinks recording the slowest pace of increase at 7.8 percent(year on year).

Price movements recorded by All Items less farm produce or Core sub-index rose by 17.90 percent (year-on-year) in January, down by 0.20 percent points from rates recorded in December 2016 (18.10) percent.

During the month, the highest increases were seen in Housing, Water, Electricity, Gas and Other Fuels, Education and Transport growing at 27.2, 21.0 and 17.2 percent respectively.

On a month-on-month basis, the Headline index increased albeit, at a slower pace in January 2017. The index increased by 1.01 percent point in January, 0.05 percent points from 1.06 percent rate recorded in December 2016.

It should be noted that the Headline Index is made up of the Core Index and Farm Produce items. As. Processed Foods are included in both the Core and Food sub-indices; this Implies that these sub-indices are not mutually-exclusive.

The Urban index rose by 20.31 percent (year-on-year) in January from 20.12 percent recorded in December, and the Rural index increased by 17.34 percent in January from 17.20 percent in December.

On month-on-month basis, the urban index rose by 1.03 percent in January from 1.08 percent recorded in December, while the rural index rose by 1.00 percent in January from 1.04 percent in December.

The corresponding twelve-month year-on-year average percentage change for the urban index increased from 17.05 percent in December to 17.91 percent in January, while the corresponding rural index alsoincreased from 14.54 percent in December to 15.18 percent in January.

Food Index
The Composite Food Index rose by 17.82 percent in January 2017. The rise in the index was mainly driven by increases in prices of Bread and cereals, Meat, Oil and Fats, and Fish.

On a month-on-month basis, the Food sub-index increased by 1.29 percent in January, down by 0.04 percent points from 1.33 percent recorded in December.

The average annual rate of change of the Food sub-index for the twelve-month period ending in January 2017 over the previous twelve-month average was 15.54 percent, 0.59 percent points from the average annual rate of change recorded in December(14.95 percent).

All Items Less Farm Produce
The ''All Items Less Farm Produce'' or Core sub-index, which excludes the prices of volatile agricultural produce eased by 17.9 percent during the month, 0.20 percent points from 18.1 percent recorded in December as all key divisions which contributes to the index increased.

On a month-on-month basis, the Core sub-index increased by 0.68 percent in January, 0.06 percent points higher from 0.62 percent recorded in December. The highest increases were recorded in electricity, gas, passenger transport by air, liquid fuel, fuel and lubricants for personal transport equipment and solid fuels.

The average 12-month annual rate of rise of the index was recorded at 16.04 percent for the twelve-month period ending in January 2017, 0.73 percent points higher from the twelve-month rate of change recorded in December.

Click Here to Download January 2017 CPI
(PDF) Report

Latest 2017 NBS Reports
GENCOs Issued Total Invoice of N331bn to DISCOs in 2016
4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS
19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS
Total Value of Capital Imported into Nigeria in Q4 2016 Estimated at $1,548.88mln - NBS
Telecoms Sector Contributes N1,399bn to GDP in Q3 2016 - NBS
FAAC Disburses N426.88bn in December 2016 - NBS
Banking Sector Records 910.18m Volume of Transaction in 2016 on Electronic Payment Channels - NBS
Daily Energy Generation Attained a Peak of 3,859.59MW in Q4 2016 - NBS
10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS
Nigeria Imports 4.83 bn Litres of PMS in Q4 2016 - NBS
72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS
Lagos, Ogun Top IGR for H1 2016

Related News
1.       CPI Rises to 18.55% in December, 0.07% Higher Than 18.48% November Rate
CPI Rises to 18.3% in October, 0.48% Higher Than 17.9% September Rate
3.      Nigeria: Inflation Rate to Retract
4.      Headline Inflation Set to Decline to 18.3%, First Drop in 14 Months5.      FDC Aligns With FSDH, Projects Headline Inflation To Creep Up To 18.4%
6.      November Inflation Rate to Increase Further to 18.45%
Inflation Growth Defies All CBN MPC Decisions
8.      Nigeria’s Consumer Price Index Rises to 18.3% in October 2016
9.      Average Kerosene Price Increases to N292.73 in Oct’16 from N288.68 in Sep'16
10.   Average Diesel Price Drops to N187.25 in Oct’16 from N192.69 in Sep'16
11.    Average Petrol Price Drops to N145.9 in Oct'16 from N146.3 in Sep'16
12.   October 2016 Inflation Rate to Increase Further to 18.17% - FSDH
13.   Inflation to Maintain Its Upward Trajectory; to Rise to 18.2% - FDC
14.   CPI Rises to 17.9% in September, 0.24% Higher Than 17.6% August Rate
15.   Inflation Moving In The Right Direction
16.   Headline Inflation projected to reach 18% - FDC
17.   FSDH Expects September Inflation Rate to Increase further to 18.14%
18.   Another welcome slowdown in month-on-month inflation


Related News