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Thursday 24th May 2018,
Hope for Nigeria

More Pain, Hunger For Nigerians As Inflation Hits 18.72%

Nigerians are in for more pain

Nigerians are in for more pain and hunger as inflation appears unabated with sharp increase in the prices of major food items across the country.

A report from the National Bureau of Statistics (NBS), yesterday, indicated that the inflation rate, which stood at 18.55 percent in December 2016, climbed to 18.72 percent in January 2017.
Nigerians are in for more pain
The NBS report showed that the Consumer Price Index (CPI), which measures inflation, increased in January by 0.17 percent from the rate recorded in December, just as increases were recorded in all divisions that yield the Headline Index.
Yesterday’s report stated that communication, 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 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,” the report said.
The report also showed that, on a monthly 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 bureau noted that the food index increased by 17.82 per cent (year-on-year) in January,  by 0.43 percent from the rate recorded in December, 2016, (17.39 percent).

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