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Headline Inflation Drops to 15.13% in January 2018; 0.24% Lower Than 15.37% December Rate

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Wednesday, February 14, 2018 /09:00 AM / NBS 

All Item Index 

The Consumer Price Index (CPI) which measures inflation started the year 2018 increasing by 15.13 percent (year-on-year) in January 2018. This was 0.24 percent points lower than the rate recorded in December (15.37 percent) making it the twelfth 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 0.80 percent in January 2018, 0.21 percent points higher from the rate of 0.59 percent recorded in December 2017. 

The percentage change in the average composite CPI for the twelve-month period ending January 2018 over the average of the CPI for the previous twelve-month period was 16.22 percent, showing 0.28 percent point lower from 16.50 percent recorded in December 2017. 

The Urban inflation rate rose by 15.56 percent (year-on-year) in January 2018 from 16.78 percent recorded in December 2017, while the Rural inflation rate also eased by 14.76 percent in January 2018 from 15.02 percent in December 2017. 

On month-on-month basis, the urban index rose by 0.83 percent in January 2018, up by 0.17 from 0.66 percent recorded in December 2017, while the rural index also rose by 0.77 percent in January 2018, up by 0.23 when compared with 0.54 percent in December 2017. 

The corresponding twelve-month year-on-year average percentage change for the urban index is 16.55 percent in January 2018. This is less than 16.92 percent reported in December 2017, while the corresponding rural inflation rate in January 2018 is 15.89 percent compared to 16.10 percent recorded in December 2017. 

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Food Index 

High year on year food prices and food price pressure continued into December though generally at a slower pace year on year. 

The Food Index increased by 18.92 percent (year-on-year) in January 2017, down from the rate recorded in December (19.42 percent). 

On a month-on-month basis, the Food sub-index increased by 0.87 percent in January 2018, down by 0.29 percent from 0.58 percent recorded in December. 

The average annual rate of change of the Food sub-index for the twelve-month period ending January 2018 over the previous twelve-month average was 19.62 percent, 0.07 percent points from the average annual rate of change recorded in December 2017 (19.55) percent. 

The rise in the food index was caused by increases in prices of imported food in general as well as bread and cereals, milk, cheese and eggs, Vegetables, Fish, Coffee tea and cocoa, meat, Potatoes yam and other tubers and Oil and fats. 

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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 January 2018 at 12.10 percent points, similar to rate recorded in December 2017. 

On a month-on-month basis, the Core sub-index increased by 0.68 percent in January 2018, higher from 0.51 percent recorded in December. 

The average 12-month annual rate of change of the index was 13.01 percent for the twelve-month period ending January 2018; this is 0.45 percent points lower than 13.46 percent recorded in December 2017. 

The highest increases were recorded in prices of Fuel and lubricants for personal transport and transport equipment, Vehicle spare parts, Accommodation services, maintenance and repair of personal transport equipment, Appliances articles and products for personal care, hotels and restaurants, Hairdressing salons and personal grooming establishments, clothing materials and other articles of clothing, garments, non-durable household goods and solid fuels.   

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 January 2018, all items inflation on a year on year basis was highest in Kebbi (18.55%), Nasarawa (18.49%) and Bauchi (18.01%), while Delta (12.77%), Kogi States (13.28%) and Anambra (13.34%) recorded the slowest rise in headline Year on Year inflation. 

On a month on month basis however, January 2018 all items inflation was highest in Kogi (2.72%), Bayelsa (2.39%) and Sokoto (1.68%), while Kebbi, Bauchi and Cross River recorded price deflation on a month on month all item basis in January 2018 

Food Inflation 

In January 2018, food inflation on a year on year basis was highest in Kwara (24.46%), Nasarawa (22.77%) and Bayelsa (22.60%), while Bauchi (13.34%), Anambra (14.63%) and Benue (14.78% recorded the slowest rise in food inflation. 

On a month on month basis however, January 2018 food inflation was highest in Bayela (3.47%), Kogi (3.38%) and Nasarawa (2.26%), while Cross River, Kebbi. Yobe, Anambra and Delta 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 January 2018. 

Click Here to Download January 2018 CPI (PDF) Report

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Latest 2018 NBS Reports

Q1 2018

1.       Average Prices of PMS, AGO, HHK and Cooking Gas – January 2018

2.      7.82m Workers Are Registered Under the Pension Scheme as at Q4 2017 - NBS

3.      Daily Energy Generation Attained a Peak of 94,627MWh in Q4 2017 - NBS

4.      Banking Sector Records 461.98m Volume of Transactions in Q4 2017 - NBS

5.      77.5m Persons Engaged in Some Sort of Economic Activities in Q3 2017 - NBS

6.      Average Fare Paid by Passengers for Water Transport Increased by 6.05% MoM to N631.55 in Dec 2017

7.      Average Price of 1kg of Yam Tuber Decreased by -3.67% YoY to N211.61 in December 2017 - NBS

8.      Headline Inflation Drops to 15.37% in December 2017; 0.53% Lower Than 15.90% November Rate

9.      Average Prices of PMS, AGO, HHK and Cooking Gas – December 2017

10.   Active Voice Subscribers Dropped by 8.73% in Q3 2017 – NBS

11.    Inequality in Nigeria Worsened Between 2004 and 2013 But Improved in 2016 – NBS

12.   FAAC Disburses N609.96bn in December 2017 – NBS 

2017 NBS Reports

Q4 2017

1.       FAAC Disburses N532.76bn in November 2017 - NBS

2.      Unemployment Rate Rises to 18.8% in Q3 2017 from 16.2% in Q2 2017

3.      Average Intercity Bus Fare Increased by 14.78% MoM in November 2017

4.      Average Price of 1kg of Tomato Increased by 8.09% YoY in November 2017

5.      Average Prices of PMS, AGO, HHK and Cooking Gas – November 2017

6.      Headline Inflation Drops to 15.90% in November 2017; 0.01% Lower Than 15.91% October Rate

7.      Banking Sector Records 213.69m Volume of Transactions in Q3 2017 - NBS

8.      Nigeria’s Merchandise Trade Grew Marginally Q-on-Q But Significantly Y-on-Y in Q3 2017

9.      2,478 Road Traffic Crashes Recorded in Q3 2017 - NBS

10.   States Generate N149.45bn as IGR in Q3 2017 - NBS

11.    Total Value of Capital Imported into Nigeria in Q3 2017 Estimated at $4,145.1m - NBS

12.   FAAC Disburses N558.08bn in October 2017 -NBS

13.   GDP Grew by 1.40% in Q3’17 from 0.72% in Q2’17; 2nd Consecutive Quarter of Positive Growth

14.   Average Motorcycle Fare per Drop Increased by 4.52% YoY in October 2017

15.   Average Prices of PMS, AGO, HHK and Cooking Gas – October 2017

16.   Headline Inflation Drops to 15.91% in October 2017, 0.07% Lower Than 15.98% September Rate

17.   Average Price of 1kg of Yam Tuber Increased by 10.22% YoY in October 20

18.   596,792 Passengers Travelled Via the Rail System in Q2 2017 - NBS

19.   7.71m Workers Are Registered Under the Pension Scheme as at Q3 2017 - NBS

20.  Daily Energy Generation Attained a Peak of 3,880MW in Q3 2017 - NBS

21.   FAAC Disburses N637.70bn in September 2017 - NBS

22.  GDP by Income and Expenditure Approach – Basic Price GDP Declined by 1.73% Real Term in Q4’16

23.  N246.30bn Generated as VAT in Q2 2017 - NBS

24.  Lagos State Has 7,396 Prison Inmates Population in 2016 - NBS

25.  Average Prices of PMS, AGO, HHK and Cooking Gas - September 2017

26.  Average Air Fare Increased by 31.31% YoY in September 2017

27.  Average Price of 1kg of Yam Tuber Increased by 28.65% YoY in September 2017

28.  CPI Drops to 15.98% in Sept 2017, 0.03% Lower Than 16.01% August Rate

29.  Multiple Indicator Cluster Survey 2016-17

30.  Pension Fund Asset under Management as at 31 December 2016 stood at N6,164.76bn - NBS

31.   835.58m Crude Oil Processed from 1997 to 2014

32.  N701.85bn Gross Revenue Generated in July 2017

Q3 2017

33.  FAAC Disburses N467.85bn in August 2017 - NBS

34.  Lagos Accounted for 74.8% of International Passenger Traffic in Q2 2017

35.  Lagos State Has the Highest Foreign and Domestic Debts as at June 2017

36.  CPI Drops to 16.01% in August 2017, 0.04% Lower Than 16.05% July Rate

37.  Average Air Fare Increased by 32.75% YoY in August 2017

38.  Average Prices of PMS, AGO, HHK and Cooking Gas - August 2017

39.  Average Price of 1kg of Yam Tuber Increased by 53.98% YoY in August 2017

40. Nigeria’s Merchandise Trade Grew Marginally QoQ but Significantly YoY in Q2 2017

41.   2,287 Drug Abuse Convictions Secured in 2016 - NBS

42.  Average Price of 1kg of Tomato Increased YoY by 15.65% in July 2017 - NBS

43.  Average Prices of PMS, AGO, HHK and Cooking Gas - July 2017

44. Average Intercity Fare Increased YoY by 27.49% in July 2017 - NBS

45.  CPI Drops to 16.05% in July 2017, 0.05% Lower Than 16.10% June Rate

46. Total Value of Capital Imported into Nigeria in Q2 2017 Estimated at $1,792.3m - NBS

47.  FAAC Disburses N652.23bn in July 2017 - NBS

48. Active Voice Subscribers Dropped by 6.67% in Q2 2017 – NBS

49. Banking Sector Records 327.37m Volume of Transactions in Q2 2017 - NBS

50.  870,397 Candidates Sat for NECO in June and July 2016

51.   3,457 Nigerians Repatriated from Abroad in 2016 – NBS

52.  Corruption in Nigeria - Bribery as Experienced by the Population

53.  Nigeria Produced 656.8m Barrels of Crude Oil in 2016

54.  2,503 Road Traffic Crashes Recorded in Q2 2017 - NBS

55.  Daily Energy Generation Attained a Peak of 4,079MW in Q2 2017 - NBS

56.  7.59m Nigerians Are Registered Under the National Pension Scheme as at Q2’17 - NBS

57.  FAAC Disburses N462.36bn in June 2017 - NBS

58.  NBS Annual Abstract of Statistics 2016

59.  Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - June 2017

60. Average Intercity Transport Fare Decreases to N1,559.68 in Jun’17 from N1,565 in May’17

61.   Average Price Of 1kg Of Yam Tuber Increased YoY by 32.84% in June 2017 -NBS

62.  CPI Drops to 16.10% in June 2017, 0.15% Lower Than 16.25% May Rate 

Q2 2017

63.  FAAC Disburses N418.82bn in May 2017 - NBS

64. GDP By Income and Expenditure Approach – Basic Price GDP Declines by 2.3% in Q3’16 - NBS

65.  Average Price Watch of PMS, AGO, HHK and Cooking Gas - May 2017

66. Average Intercity Transport Fare Decreases to N1,5865. in May’17 from N1,587.04 in Apr’17

67.  Average Price Of 1kg Of Yam Tuber Increased YoY by 52.69% in May 2017 - NBS

68. CPI Drops to 16.25% in May 2017, 0.99% Lower Than 17.24% April Rate

69. N204.77bn Generated as VAT in Q1 2017 - NBS

70.  125,790 Cases of Reported Offences Recorded in 2016 - NBS

71.   Labour Productivity Rose to N684.43 in 2016 - NBS

72.  Merchandise Trade Grew By 0.1% - Positive Trade Balance Due to Rising Exports & Falling Imports

73.  Unemployment Rate Rises to 14.2% in Q4’16 from 13.9% in Q3’16 - NBS

74.  Lagos Airport Accounted for 76.5% of International Passengers in Q1 2017 - NBS

75.  FAAC Disburses N496.39bn in April 2017 - NBS

76.  Banking Sector Records 304.31 mln Volume of Transaction in Q1 2017 - NBS

77.  Total Value of Capital Imported into Nigeria in Q1 2017 Estimated at $908.27m - NBS

78.  GDP Contracts by -0.52% in Q1’17 from -1.73% in Q4’16; 5th Consecutive Quarter of Contraction

79.  Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch – April 2017

80. Average Intercity Transport Fare Increases to N1,587.04 in Apr’17 from N1,466.46 in Mar’17

81.   Average Prices of 1kg of Yam Tubber Increased by 42.45% YoY in April 2017

82.  CPI Drops to 17.24% in April 2017, 0.02% Lower Than 17.26% March Rate

83.  Lagos, Rivers Top IGR for Full Year 2016

84. Telecoms Subscribers Dropped by 1.33% in Q1 2017 - NBS

85.  Nigeria Imports 4.05bn Litres of PMS in Q1 2017 - NBS

86. Lagos State has the highest domestic and foreign debt profile in 2016 - NBS

87.  2,556 Road Traffic Crashes Recorded in Q1 2017 - NBS

88. FAAC Disburses N466.93bn in March 2017

89. Daily Energy Generation Attained a Peak of 5,846 MW in Q1 2017 - NBS

90. Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - March 2017

91.   Average Intercity Transport Fare Increases to N1,466.46 in Mar’17 from N1,411.87 in Feb’17

92.  Average Prices of 1kg of Yam Tubber Increased by 63.4% YoY in March 2017

93.  CPI Drops to 17.26% in March 2017, 0.52% Lower Than 17.78% February Rate

94. 7.49m Nigerians Are Registered Under the National Pension Scheme As At Q1 2017 - NBS

95.  Lagos Airport Accounted for 69.1% of International Passengers in 2016 - NBS 

Q1 2017

96. 11,363 Road Traffic Crashes Recorded in 2016 - NBS

97.  FAAC Disburses N514.15bn in February 2017

98. FAAC Disburses N430.16bn in January 2017

99. Average Intercity Transport Fare Decreases to N1,411.87 in Feb’17 from N1430.63 in Jan’17

100. Average Price of 1kg of Rice Increased by 68% YoY in February 2017

101. Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - February 2017

102.   CPI Drops to 17.78% in February 2017, 0.94% Lower Than 18.72% January Rate

103.  Nigeria Produced 43.49m Tons of Solid Minerals in 2016 - NBS

104.  NIPOST Generates N8.84bn Revenue in 2016 - NBS

105. Q4 2016 Merchandise Trade Intensity - Total Trade Grows by 6.5% in 2016

106. Merchandise Trade Grows in Q4 2016 - Records First Quarterly Positive Trade Balance Since Q4 2015

107. GDP Contracts by -1.30% in Q4 and -1.51% for Full Year 2016; Is Nigeria on Its Way Out of Recession?

108.  JAMB Received 11.7m Applications Between 2010 and 2016

109. Average Kerosene Price Increases to N433.84 in Jan'17 from N231.85 in Dec'16

110. Average Intracity Transport Fare Increases to N122 in Jan'17 from N84.29 in Dec'16

111. Average Cooking Gas Price Increases to N2,567.56 in Jan’17 from N2,002.16 in Dec’16

112.Average Diesel Price Increases to N240.52 in Jan’17 from N196.20 in Dec’16

113.Average Petrol Price Increases to N148.7 in Jan'17 from N146.7 in Dec'16

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

115.GENCOs Issued Total Invoice of N331bn to DISCOs in 2016

116. Nigeria Produced 5.79 mln Tonnes of Fish Between 2010 and 2015

117.4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS

118. 19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS

119. Total Value of Capital Imported into Nigeria in Q4 2016 Estimated at $1,548.88mln - NBS

120. Telecoms Sector Contributes N1,399bn to GDP in Q3 2016 - NBS

121.FAAC Disburses N426.88bn in December 2016 - NBS

122. Banking Sector Records 910.18m Volume of Transaction in 2016 on Electronic Payment Channels - NBS

123. Daily Energy Generation Attained a Peak of 3,859.59MW in Q4 2016 - NBS

124.  10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS

125.  Nigeria Imports 4.83 bn Litres of PMS in Q4 2016 - NBS

126. 72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS

127.  Lagos, Ogun Top IGR for H1 2016

 

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