Nigeria’s inflation rate increases, hits 18.72 per cent

Naira notes
Naira notes

From 18.55 per cent in December 2016, Nigeria’s inflation rate increased to 18.72 per cent in January 2017, the National Bureau of Statistics, NBS, has said.

According to the Bureau, the Consumer Price Index, CPI, which measures inflation increased by 18.72 per cent (year-on-year) in January 2017, 0.17 percentage points higher from the rate recorded in December; and increases were recorded in all divisions that yield the Headline Index.

The report, released by the NBS on Wednesday, stated that communication and restaurants and hotels again recorded the slowest pace of growth in January, growing at 5.1 per cent and 8.4 per cent (year-on-year) respectively.

The NBS, however, said that 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. Others are electricity, cooking gas, liquid and solid fuels; motor cars and maintenance; vehicle spare parts and fuels; and lubricants for personal transport equipment as well as passenger transport by road.

According to the report, 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, cheese and eggs; fish, meat and bread; as well as cereals.

The report noted that the Food index increased by 17.82 per cent (year-on-year) in January, up by 0.43 per cent points from rate recorded 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 per cent(year on year).

During the month, the highest increases were seen in housing, water, electricity, gas and other fuels, with education and transport growing at 27.2, 21.0 and 17.2 per cent respectively.

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

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

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

The corresponding twelve-month year-on-year average percentage change for the Urban index, the report said, increased from 17.05 percent in December to 17.91 per cent in January, while the corresponding rural index also increased from 14.54 per cent in December to 15.18 per cent in January.

According to the NBS, the Composite Food Index rose by 17.82 per cent in January 2017. The rise in the index, the bureau said, 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 per cent in January, down by 0.04 per cent points from 1.33 per cent recorded in December.

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

Also on a month-on-month basis, the Core sub-index increased by 0.68 per cent in January, 0.06 per cent points higher from 0.62 per cent 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.

PREMIUM TIMES reports that the NBS said Nigeria’s inflation rate increased from 9.6 per cent recorded in December 2015 to 18.55 per cent in December 2016, as a result of sharp increase in the prices of meat, bread, fish, vegetable, and other products.


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  • Freedomfighter

    Where are those insulting the wailing wailers. I was one of those who voted and campaigned passionately for Pres. Muhammadu Buhari in 2015 but he hasn’t shown me he is better than the man we removed for him to take over. Buhari brought us into this recession as a result of bad policies. Simply end CBN’s disastrous forex policy,bring an end to the ban on importation/increment on import tariff and replace your budget and finance ministers with competent technocrats who know what it takes to run an economy and see how inflation and recession will be brought to an end. Remember that importation of goods in Nigeria doesn’t stop encouragement and flourishing of made in Nigerian goods as the PMB administration is painting it to be but what discourages it is lack of commitment and bad policies from government.

    • emmanuel

      The economic team after each weekend religious activities, come on air to tell us how things are already changing. Bunch of nicompoops running a twentifirst century economy.
      I urge thm to do 365 days fasting and prayer without bringing the will to do into it, they would end up kicked out with the President that is missing in action.
      Buhari is known to abdicate his responsibilities when things become very though. 1985 when he ran awy after messing up the economy for IBB to take over (it is on record that he was privy to the coup). At PTF, he did same. When it was time to visit Ogoni land in 2016, he also ran away.
      And now, he is cooling off his heels, assuming that his some people would work out an alternative to his failed government. But let it be known that no one is waiting for any silly acts in this modern time

  • Romberg

    Nigeria is notorious for not knowing improvements. Nothing gets better. But it has never been this bad. We have leaders who have no solutions and cannot find any real solutions. Yet they tell us things will get better.

    What will be the legacy of this government? Just move round Nigerian communities and feel how sad people are. People are dying. I ask: what is the fate of Nigerians who are as sick as Buhari or even worse than him? They will rather die while Buhari hides away without solution to anything. He is rock bottom on education, empty on the economy, hopeless on health, zero on infrastructure….

    This foolishness has got to stop, now! If his speciality is anticorruption he should head EFCC and leave office for someone else who understands what to do with the economy.

  • emmanuel

    This report is fake, very fake. Consumer inflation is over 100% and i wonder what NBS said about recession. If recession continue for four consecutive quarters, it is supposed to have entered depression. They have kept quiet on that aspect. shame!
    Kemi’s and Osinbades faith economy has failed. No end to recession and depression in sight. US Dollar as at this evening is N512.00 cash

    • Otile

      Do you notice they no longer conduct the monthly opinion poll showing Buhari’s popularity?

  • Public Watch

    “Inflation rate in Nigeria has
    increased from 9.6 per cent recorded in December 2015 to 18.55 per
    cent in December 2016, as a result of sharp increase in the prices of meat,
    bread, fish, vegetable and other products.”

    In all relevant period President Buhari was not sick but at his desk every day; and yet, costs of goods
    and services doubled over against stagnant and fixed salaries. Into that deadly mix, President Buhari
    then devalued the currency itself by 67%, effectively, making Nigerians sudden poverty near absolute.

    Can you see how Buhari’s perceived incompetence means that nobody is now looking forward to him?
    His media corps tried and failed to stoke public interest in Buhari;s return from indefinite medical leave.
    Truth is President Buhari is too much connected with an ongoing economic destruction in Nigeria today.

  • ::????????

    @disqus_NyVwwG2r74:disqus :

    What can save Buhari’s wobbly government from collapse?</b?

    What can save Buhari’s government
    from ultimate shame and disgrace. That’s the issue. Nigerians are regretting
    voting for Buhari and his APC useless party which has all but destroyed the
    wobbly and badly robbed country they both inherited. Since Buhari does not come
    across as knowing what to do, cabinet re-shuffle as standard procedure for a
    failing government may not work in Nigeria. President Buhari has the onus under
    a presidential system of government to think up solutions and point the way
    forward. What Buhari did instead is to appoint persons on mostly nepotic and
    Islamist basis without reference to mental magnitude.

    The result is the currently devastating and consecutive worst ever economic
    recession Nigeria’s ever had. Buhari’s plan to borrow $30billion is a
    no-brainer, if not dead in water, because as inflation soars, poverty deepens,
    and economic growth falters and fails, along with collectible government
    revenues from imports, excise duties and taxes. Buhari has pushed Nigeria into
    a big hole. He himself needs help to get out. Unless he’s taken out of the hole
    it’s utopian reverie expecting Buhari to take Nigeria out of a hole (assuming he
    even knows how) whilst he himself (Buhari) is still in the same black hole.

    • ::????????

      @disqus_NyVwwG2r74:disqus

      What can save Buhari’s wobbly government from collapse?

      What can save Buhari’s
      government from shame and disgrace. That’s the issue. Nigerians are regretting
      voting for Buhari and his APC useless party which has all but destroyed the
      wobbly and badly robbed country they both inherited. Since Buhari does not come
      across as knowing what to do, cabinet re-shuffle as standard procedure for a
      failing government may not work in Nigeria. President Buhari has the onus under
      a presidential system of government to think up solutions and point the way
      forward. What Buhari did instead is to appoint persons on mostly nepotic and
      Islamist basis without reference to mental magnitude.

      The result is the currently devastating and consecutive worst ever economic
      recession Nigeria’s ever had. Buhari’s plan to borrow $30billion is a
      no-brainer, if not dead in water, because as inflation soars, poverty deepens,
      and economic growth falters and fails, along with collectible government
      revenues from imports, excise duties and taxes. Buhari has pushed Nigeria into
      a big hole. He himself needs help to get out. Unless he’s taken out of the hole
      it’s utopian reverie expecting him to take Nigeria out of a hole (assuming he
      even knows how) whilst Buhari himself is still in the same black hole.

      • Romberg

        What else can I add? When we alerted our people about this eventuality at the twilight of this government, they said patience is virtue. It’s now 2 years of a useless government, todays it’s about his health. They cannot blame the PDP for that. Yet they have not been able to produce one single initiative that worked for them.

        Ask the man on the street – the traders and artisans, what exactly is the rate of price change in their products. 100% will be conservative! I have never come across any product in any part of Nigeria that has only experienced 18% increase in price over the last year.

        A reasonable government will have sound policies against inflation but ask Buhari, he doesn’t even know the word ‘inflation’ is an English word, not a buzz machine invented in Western Germany!

    • straight-to-the-point

      LET TRUTH BE TOLD – IT IS RAJI FASHOLA WHO DISGRACED THE BUHARI GOVERNMENT
      AND BROUGHT DOWN THE GOVERNMENT WITH INCOMPETENCE AS ELECTRICITY MINISTER.
      FOR ONCE RAJI FASHOLA FAILED COMPETENCY TEST, BUHARI THEN BEGAN TO LOOK VERY BAD.

      • Romberg

        I warned him and th minister of planning not to serve this government. No sane person will serve in such a despicable cabinet. It’s now over for all of them. Can’t wait for 2018!

        • Lekan Igbokoda

          @disqus_NyVwwG2r74:disqus

          You are more straightforward than @straight-to-the-point who is looking for the dead
          amongst the living, by looking for how to make the corpse of the Buhari government
          walk again. How is it possible? Any government that puts the country in 15th century
          darkness on permanent basis is dead for all other purposes. Nothing is possible when
          there is no electricity in a country. The Buhari government died before Buhari got sick.

  • Nate D Satan

    Buhari and his cronies are indeed working hard for Nigeria. Give me a damn break already.

  • Otile

    Since the world oil price has risen and every oil producing country is raking $billions, Nigeria no longer blames Avenger for Nigerian poverty. Again since Buhari became the Minister of Petroleum nobody gives account of where our oil money is going or even how much Nigeria is making from oil. This is the most evil government Nigeria has had.

  • Riseup Nigeria

    Incompetence have no hidden place, no matter how long lies are spread out, one atom of Truth shall overwhelm it.
    May God Almighty never allow Buhari to become another chibok girls episode, or the missing Islamic moon ? Is it not very painful that while nations that are very far ahead of nigeria in every developmental index, are very serious about governance and development of their respective nations, nigeria elected a very weak, ignorant, tired, illiterate, very sick, divisive president, whose only achievement in office for about two solid years is a celebration that he can still sleepwalk around from London to nigeria.
    Buhari presidency is a great let down to nigerian nation, a big set back and a regrettable serious error of judgment.
    Nigeria unwittingly have presented her seat of power that ought to be the power motivation for development, progress, unity and prosperity of nigeria to now become a hospital bed and old people rehabilitation center. What a calamity that have befallen our nation.
    It is unthinkable and heart breaking that a nation that can boast of more than a million outstanding, very bright, resourceful, brilliant, intelligent, power packed, dynamic young, great thinkers and leaders like Alico dangote , Peter obi, oby ezekwesiri, rewane Bismark , magnus kpapol, ademola Adesina of ADB, Fashola, Nuhu Ribadu, Charles soludo, Sanusi, Donald Duke, Godswill Akpabio, Pat utomi, even nigerians like ashomolowo, pastor oyedepo etc etc. Who have the dreams, vision, deep knowledge, education, training, exposure and experience to turn desert into arable land and poverty into riches etc, and we as a nation is running round a sleepwalking, old, sick, grandpa who is supposed to be in retirement. How can any responsible business manager, employ an 80years old reclusive sick illiterate,without exposure to modern business tools, to manage a trillion naira business.
    This is exactly what nigeria is presently doing with a Buhari presidency.
    This is exactly why our nation is badly sick and terribly down.
    This is exactly why the managers of this government must resort to lies and childish, infantile falsehoods, to keep manipulating nigerians, while they keep flogging the dead horse to compete in a race with a cheetah.
    May God deliver nigeria and preserve this nation till 2019, when nigerians shall use their voters card to end this nightmare, and send grandpa to his deserved compulsory retirement, in the old people’s home, where his presence is of great importance.

  • olat

    “PREMIUM TIMES reports that the NBS said Nigeria’s inflation rate
    increased from 9.6 per cent recorded in December 2015 to 18.55 per cent
    in December 2016, as a result of sharp increase in the prices of meat,
    bread, fish, vegetable, and other products”. ***************very disturbing********** vegetable ?
    D report shows d Minister for Agriculture is underperforming. He has the experience and capable to deliver but lot of things are missing out. High time baba use the following (1) engage NYSC corpers for the distribution of free seeds to farmers throughout the country (start with vegetable seeds) (2) engage the minister of transport for easy movement of agricultural products by train from the North to the South (3) stateholders involved in importation of frozen poutry products n fish shd b engaged to set up plants along train corridors between the North n South called processing Estate where cattles n cows frm d North can b slaughter, frozen n parked for transportation to d South (4) d processing estate shd b provided with renewable sources of energy (5) estasblishment of food banks in all Federal institutions where students can eat freely any Nigeria meals n to be manage by the students (d aim is not 4 free food but change society attitute for local foods, average Nigerian eats local foods 2 times in a week) (6) direct engagement of stateholders in the bakery industry, remove tariff on bakery equipment n raw products (encourage local with incentives n tax reduction).