National Bureau of Statistics

National Bureau of StatisticsNational Bureau of Statistics, NBS, said in its latest data released yesterday on consumer price index that inflation held steady in January at 9.6 percent, same as in December.
Food inflation was also steady at 10.6 percent in January compared with the previous month.
Consumer prices in Nigeria went up 9.6 percent year-on-year in December 2015, compared to a 9.4 percent rise in the previous month.
The inflation rate reached the highest since December of 2012 as a falling naira keeps pushing import prices up, mainly food.
Food prices recorded the highest increase (up 10.6 percent year-on-year): all major food groups contributed to the increase with the exception of milk, cheese and eggs. Additional upward pressure came from transport (+10.24 percent), clothing and footwear (+9.78 percent); education (+9.38 percent); alcoholic beverage and tobacco (+9.03 percent), miscellaneous goods & services (+9.01 percent), restaurant & Hotels (+8.69 percent), health (+7.98 percent) and housing water electricity gas (+7.46 percent).
Annual core inflation rate which excludes prices of volatile agricultural products was unchanged at 8.7 percent for the second consecutive month.
On a monthly basis, consumer prices increased 1 percent, compared to a 0.7 percent growth in November and the highest rate since May.

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