The National Bureau of Statistics on Friday released the Consumer Price Index which measures inflation with the index dropping to 11.37 per cent in January.
The bureau in the report said the 11.37 per cent inflation rate for January is 0.07 percentage points lower than the 11.44 per cent which the country recorded in December.
The report read in part, “The consumer price index, which measures inflation, increased by 11.37 per cent year-on-year in January 2019.
“This is 0.07 per cent points lower than the rate recorded in December 2018 (11.44) per cent.”
The report stated that on a month-on-month basis, the index increased by 0.74 per cent in January 2019, the same rate as was recorded in December 2018.
The report stated that urban inflation rate increased by 11.66 per cent year-on-year in January 2019 from 11.73 per cent recorded in December 2018.
It added that the rural inflation rate increased by 11.11 per cent in January 2019 from 11.18 per cent in December 2018.
The report said the rise in the food index was caused by increases in prices of fish, bread and cereals, vegetables, meat, fruits, potatoes, yam and other tubers, oils and fats, as well as soft drinks.
On a month-on-month basis, it said the food sub-index increased by 0.83 per cent in January.
In terms of states that recorded the highest increase in inflation in January, the NBS report said Kebbi with 14.64 per cent recorded the highest inflation.
This is followed by Bauchi with 13.79 per cent and Jigawa with 13.17 per cent.
On the other hand, the report stated that Kwara with 9.28 per cent, Cross River 9.24 per cent and Ogun 9.01 per cent recorded the slowest rise in tear on year inflation.
For food inflation, the NBS report stated that it was highest in Kebbi (16.45 per cent), Delta (16.27 per cent) and Ondo (15.63 per cent), while Plateau (11.83 per cent), Enugu (11.64 per cent) and Ogun (10.99 per cent) recorded the slowest rise in food inflation.
