According to NBS report released Friday morning, Urban inflation rate increased by 11.66 per cent (year-on-year) in January 2019 from 11.73 per cent recorded in December 2018, while the rural inflation rate increased by 11.11 per cent in January 2019 from 11.18 per cent in December 2018.
On a month-on-month basis, the urban index rose by 0.77 per cent in January 2019, up by 0.01 from 0.76 per cent recorded in December 2018, while the rural index also rose by 0.71 per cent in January 2019, down by 0.01 per cent from the rate recorded in December 2018 (0.72) per cent.
The composite food index rose by 13.51 per cent in January 2019 compared to 13.56 per cent in December 2018.
This 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, soft drinks.
On month-on-month basis, the food sub-index increased by 0.83 percent in January 2019, up by 0.02 percent points from 0.81 percent recorded in December 2018.
The average annual rate of change of the Food sub-index for the twelve-month period ending January 2019 over the previous twelve-month average was 13.93 percent, 0.42 percent points from the average annual rate of change recorded in December 2018 (14.35) percent.
In January 2019, food inflation on a year on year basis was highest in Kebbi (16.45percent), Delta (16.27percent) and Ondo (15.63percent), while Plateau (11.83percent), Enugu (11.64percent) and Ogun (10.99 percent) recorded the slowest rise in food inflation.
On month on month basis however, January 2019 food inflation was highest in Delta (2.73percent), Kwara (2.50percent) and Ondo (2.22percent), while Anambra, Ekiti, Enugu, Imo, Nasarawa, Osun and Zamfara 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 2019.
