Tuesday, January 16, 2018 /09:00AM / NBS
All Item Index
The Consumer Price Index (CPI) which
measures inflation ended the year 2017 with a rate of 15.37 percent
(year-on-year) in December 2017. This was 0.53 percent points lower than the
rate recorded in November (15.90 percent) making it the eleventh consecutive
disinflation (slowdown in the inflation rate though still positive) in headline
year on year inflation since January 2017
Increases were recorded in all COICOP divisions
that yield the Headline Index.
On a month-on-month basis, the
Headline index increased by 0.59 percent in December 2017, 0.19 percent points
higher from the rate of 0.78 percent recorded in November.
The percentage change in the average
composite CPI for the twelve month period ending in December 2017 over the
average of the CPI for the previous twelve month period was 16.50 percent,
showing 0.26 percent point lower from 16.76 percent recorded in November 2017.
The Urban inflation rate rose by 15.78
percent (year-on-year) in December from 16.27 percent recorded in November,
while the Rural inflation rate also eased by 15.02 percent in December from
15.59 percent in November.
On month-on-month basis, the urban
index rose by 0.66 percent in December, down by 0.19 from 0.85 percent recorded
in November, while the rural index rose by 0.54 percent in December, down by
0.18 when compared with 0.72 percent in November.
The corresponding twelve month
year-on-year average percentage change for the urban index is 16.92 percent in
December. This is less than 17.26 percent reported in November 2017, while the
corresponding rural inflation rate in December is 16.10 percent compared to
16.29 percent recorded in November 2017.





Food Index
High year on year food prices and food
price pressure continued into December though consistently at a slower pace
month on month and at a slower pace year on year. The Food Index increased by
19.42 percent (year-on-year) in December, down from the rate recorded in
November (20.30 percent).
On a month-on-month basis, the Food
sub-index increased by 0.58 percent in December, down by 0.30 percent from 0.88
percent recorded in November. The average annual rate of change of the Food
sub-index for the twelve-month period ending in December 2017 over the previous
twelve month average was 19.55 percent, 0.16 percent points from the average
annual rate of change recorded in November (19.39) percent.
The rise in the index was caused by
increases in prices of bread and cereals, potatoes, yam and other tubers,
coffee tea and cocoa, milk cheese and eggs, fish and oils and fats.
All Items Less Farm Produce/Core
Inflation
The ‘’All Items less Farm Produce’’ or Core sub-index,
which excludes the prices of volatile agricultural, stood during the month of December at 12.10 percent points, down
from 12.20 percent recorded in November as all key divisions which contributes
to the index increased.
On a month-on-month basis, the Core
sub-index increased by 0.51 percent in December, higher from 0.78 percent
recorded in November.
The average 12 month annual rate of
change of the index was 13.46 percent for the twelve-month period ending in
December 2017; this is 0.47 percent points lower than 13.93 percent recorded in
November.
The highest increases were recorded in prices of
Fuel and lubricants for personal transport equipment, solid fuels, passenger
transport by air, clothing materials and other articles of clothing, Vehicle spare
parts, non-durable goods, furniture and furnishing, carpet and other floor
coverings, shoes and other footwear, bicycles and motor cycles, hospital
services and glassware, table and household utensils and appliances
State Profiles
In analyzing price movements under
this section, note that the CPI is weighted by consumption expenditure patterns
which differ across States. Accordingly, the weight assigned to a particular
food or non-food item may differ from State to State making inter State
comparisons of consumption basket inadvisable and potentially misleading
All Items Inflation
In December 2017, all items inflation
on a year on year basis was highest in Bauchi (21.92%), Nasarawa (18.16%) and
Kebbi (18.67%), while Kogi (10.03%), Delta States (12.61%) and Benue (13.35%)
recorded the slowest rise in headline Year on Year inflation.
On a month on month basis however,
November 2017 all items inflation was highest in Edo (1.48%), Yobe (1.34%) and
Kebbi (1.27%), while Kogi(-0.96%), Bauchi(-0.67%), Nasarawa (-0.40%),
Kwara(-0.37%), Ebonyi(-0.30%) and Sokoto (-0.05%) recorded price deflation on a
month on month all item basis in December 2017
Food Inflation
In December 2017, food inflation on a
year on year basis was highest in Kwara (24.46%), Nasarawa (22.77%) and Yobe
(22.60%), while Kogi, Bauchi and Benue recorded the slowest rise in food
inflation.
On a month on month basis however,
December 2017 food inflation was highest in Edo (1.90%), Niger(1.76%) and Akwa
Ibom (1.76%), while Kogi, Kwara, Ebonyi, Jigawa, Abia, Nasarawa, Sokoto, Gombe,
Borno, Benue, Oyo, Kaduna, and Abuja all recorded food price deflation or
negative inflation (general decrease in the general price level of goods and
services or a negative inflation rate) in December 2017.
Click
Here to Download December 2017 CPI PDF Report



Latest 2018 NBS Reports
Q1
2018
- Average
Prices of PMS, AGO, HHK and Cooking Gas – December 2017
- Active
Voice Subscribers Dropped by 8.73% in Q3 2017 – NBS
- Inequality in Nigeria Worsened Between 2004 and 2013 But
Improved in 2016 – NBS
- FAAC Disburses N609.96bn in December 2017 – NBS
2017 NBS Reports
Q4
2017
- FAAC Disburses N532.76bn in November 2017 - NBS
- Unemployment Rate Rises to 18.8% in Q3 2017 from 16.2%
in Q2 2017
- Average Intercity Bus Fare Increased by 14.78% MoM in
November 2017
- Average Price of 1kg of Tomato Increased by 8.09% YoY in
November 2017
- Average Prices of PMS, AGO, HHK and Cooking Gas –
November 2017
- Headline Inflation Drops to 15.90% in November 2017;
0.01% Lower Than 15.91% October Rate
- Banking Sector Records 213.69m Volume of Transactions in
Q3 2017 - NBS
- Nigeria’s Merchandise Trade Grew Marginally Q-on-Q But
Significantly Y-on-Y in Q3 2017
- 2,478 Road Traffic Crashes Recorded in Q3 2017 - NBS
- States Generate N149.45bn as IGR in Q3 2017 - NBS
- Total Value of Capital Imported into Nigeria in Q3 2017
Estimated at $4,145.1m - NBS
- FAAC Disburses N558.08bn in October 2017 -NBS
- GDP Grew by 1.40% in Q3’17 from 0.72% in Q2’17; 2nd
Consecutive Quarter of Positive Growth
- Average Motorcycle Fare per Drop Increased by 4.52% YoY
in October 2017
- Average Prices of PMS, AGO, HHK and Cooking
Gas – October 2017
- Headline Inflation Drops to 15.91% in October
2017, 0.07% Lower Than 15.98% September Rate
- Average Price of 1kg of
Yam Tuber Increased by 10.22% YoY in October 20
- 596,792 Passengers Travelled Via the Rail System in Q2
2017 - NBS
- 7.71m Workers Are Registered Under the Pension Scheme as
at Q3 2017 - NBS
- Daily Energy Generation Attained a Peak of 3,880MW in Q3
2017 - NBS
- FAAC Disburses N637.70bn in September 2017 - NBS
- GDP by Income and Expenditure Approach – Basic Price GDP
Declined by 1.73% Real Term in Q4’16
- N246.30bn Generated as VAT in Q2 2017 - NBS
- Lagos State Has 7,396 Prison Inmates Population in 2016
- NBS
- Average
Prices of PMS, AGO, HHK and Cooking Gas - September 2017
- Average Air Fare Increased by 31.31% YoY in September
2017
- Average Price of 1kg of Yam Tuber Increased by 28.65%
YoY in September 2017
- CPI
Drops to 15.98% in Sept 2017, 0.03% Lower Than 16.01% August Rate
- Multiple Indicator Cluster Survey 2016-17
- Pension Fund Asset under Management as at 31 December
2016 stood at N6,164.76bn - NBS
- 835.58m Crude Oil Processed from 1997 to 2014
- N701.85bn Gross Revenue Generated in July 2017
Q3
2017
- FAAC Disburses N467.85bn in August 2017 - NBS
- Lagos Accounted for 74.8% of International Passenger
Traffic in Q2 2017
- Lagos State Has the Highest Foreign and Domestic Debts
as at June 2017
- CPI Drops to 16.01% in August 2017, 0.04% Lower Than
16.05% July Rate
- Average Air Fare Increased by 32.75% YoY in August 2017
- Average Prices of PMS, AGO, HHK and Cooking Gas - August
2017
- Average Price of 1kg of Yam Tuber Increased by 53.98%
YoY in August 2017
- Nigeria’s Merchandise Trade Grew Marginally QoQ but
Significantly YoY in Q2 2017
- 2,287 Drug Abuse
Convictions Secured in 2016 - NBS
- Average Price of 1kg of Tomato Increased YoY by 15.65%
in July 2017 - NBS
- Average Prices of PMS, AGO, HHK and Cooking Gas - July
2017
- Average Intercity Fare Increased YoY by 27.49% in July
2017 - NBS
- CPI Drops to 16.05% in July 2017, 0.05% Lower Than
16.10% June Rate
- Total Value of Capital Imported into Nigeria in Q2 2017
Estimated at $1,792.3m - NBS
- FAAC Disburses N652.23bn in July 2017 - NBS
- Active
Voice Subscribers Dropped by 6.67% in Q2 2017 – NBS
- Banking
Sector Records 327.37m Volume of Transactions in Q2 2017 - NBS
- 870,397
Candidates Sat for NECO in June and July 2016
- 3,457 Nigerians Repatriated from Abroad in 2016 – NBS
- Corruption in Nigeria - Bribery as Experienced by the
Population
- Nigeria Produced 656.8m Barrels of Crude Oil in 2016
- 2,503 Road Traffic Crashes Recorded in Q2 2017 - NBS
- Daily Energy Generation Attained a Peak of 4,079MW in Q2
2017 - NBS
- 7.59m Nigerians Are Registered Under the National
Pension Scheme as at Q2’17 - NBS
- FAAC Disburses N462.36bn in June 2017 - NBS
- NBS Annual Abstract of Statistics 2016
- Average Prices of PMS, AGO, HHK and Cooking Gas Price
Watch - June 2017
- Average Intercity Transport Fare Decreases to N1,559.68
in Jun’17 from N1,565 in May’17
- Average Price Of 1kg Of Yam Tuber Increased YoY by
32.84% in June 2017 -NBS
- CPI Drops to 16.10% in June 2017, 0.15% Lower Than
16.25% May Rate
Q2
2017
- FAAC Disburses N418.82bn in May 2017 - NBS
- GDP By Income and Expenditure Approach – Basic Price GDP
Declines by 2.3% in Q3’16 - NBS
- Average Price Watch of PMS, AGO, HHK and Cooking Gas -
May 2017
- Average
Intercity Transport Fare Decreases to N1,5865. in May’17 from N1,587.04 in
Apr’17
- Average
Price Of 1kg Of Yam Tuber Increased YoY by 52.69% in May 2017 - NBS
- CPI
Drops to 16.25% in May 2017, 0.99% Lower Than 17.24% April Rate
- N204.77bn Generated as VAT in Q1
2017 - NBS
- 125,790 Cases of Reported
Offences Recorded in 2016 - NBS
- Labour Productivity Rose to
N684.43 in 2016 - NBS
- Merchandise Trade Grew By 0.1% -
Positive Trade Balance Due to Rising Exports & Falling Imports
- Unemployment Rate Rises to 14.2%
in Q4’16 from 13.9% in Q3’16 - NBS
- Lagos Airport Accounted for
76.5% of International Passengers in Q1 2017 - NBS
- FAAC Disburses N496.39bn in
April 2017 - NBS
- Banking Sector Records 304.31 mln Volume of
Transaction in Q1 2017 - NBS
- Total Value of Capital Imported
into Nigeria in Q1 2017 Estimated at $908.27m - NBS
- GDP Contracts by -0.52% in Q1’17 from -1.73% in
Q4’16; 5th Consecutive Quarter of Contraction
- Average Prices of PMS, AGO, HHK
and Cooking Gas Price Watch – April 2017
- Average Intercity Transport Fare
Increases to N1,587.04 in Apr’17 from N1,466.46 in Mar’17
- Average Prices of 1kg of Yam
Tubber Increased by 42.45% YoY in April 2017
- CPI Drops to
17.24% in April 2017, 0.02% Lower Than 17.26% March Rate
- Lagos, Rivers Top
IGR for Full Year 2016
- Telecoms Subscribers
Dropped by 1.33% in Q1 2017 - NBS
- Nigeria Imports
4.05bn Litres of PMS in Q1 2017 - NBS
- Lagos State has
the highest domestic and foreign debt profile in 2016 - NBS
- 2,556 Road Traffic
Crashes Recorded in Q1 2017 - NBS
- FAAC Disburses
N466.93bn in March 2017
- Daily Energy
Generation Attained a Peak of 5,846 MW in Q1 2017 - NBS
- Average Prices of
PMS, AGO, HHK and Cooking Gas Price Watch - March 2017
- Average Intercity
Transport Fare Increases to N1,466.46 in Mar’17 from N1,411.87 in Feb’17
- Average Prices of
1kg of Yam Tubber Increased by 63.4% YoY in March 2017
- CPI Drops to
17.26% in March 2017, 0.52% Lower Than 17.78% February Rate
- 7.49m Nigerians
Are Registered Under the National Pension Scheme As At Q1 2017 - NBS
- Lagos Airport
Accounted for 69.1% of International Passengers in 2016 - NBS
Q1
2017
- 11,363 Road Traffic
Crashes Recorded in 2016 - NBS
- FAAC Disburses
N514.15bn in February 2017
- FAAC Disburses N430.16bn in
January 2017
- Average Intercity Transport Fare
Decreases to N1,411.87 in Feb’17 from N1430.63 in Jan’17
- Average Price of 1kg of Rice Increased by 68% YoY
in February 2017
- Average Prices of PMS, AGO, HHK and Cooking Gas
Price Watch - February 2017
- CPI Drops to 17.78% in February 2017, 0.94% Lower
Than 18.72% January Rate
- Nigeria Produced 43.49m Tons of
Solid Minerals in 2016 - NBS
- NIPOST Generates N8.84bn Revenue
in 2016 - NBS
- Q4 2016 Merchandise Trade
Intensity - Total Trade Grows by 6.5% in 2016
- Merchandise Trade Grows in Q4
2016 - Records First Quarterly Positive Trade Balance Since Q4 2015
- GDP Contracts by -1.30% in Q4
and -1.51% for Full Year 2016; Is Nigeria on Its Way Out of Recession?
- JAMB Received 11.7m Applications
Between 2010 and 2016
- Average Kerosene Price Increases to N433.84 in
Jan'17 from N231.85 in Dec'16
- Average Intracity Transport Fare Increases to
N122 in Jan'17 from N84.29 in Dec'16
- Average Cooking Gas Price Increases to N2,567.56
in Jan’17 from N2,002.16 in Dec’16
- Average Diesel Price Increases to N240.52 in
Jan’17 from N196.20 in Dec’16
- Average Petrol Price Increases to N148.7 in
Jan'17 from N146.7 in Dec'16
- CPI Rises to 18.72% in January
2017, 0.17% Higher Than 18.55% December 2016 Rate
- GENCOs Issued Total Invoice of
N331bn to DISCOs in 2016
- Nigeria Produced 5.79 mln Tonnes
of Fish Between 2010 and 2015
- 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