Home News Inflation drops in Nigeria thanks to cheaper food

Inflation drops in Nigeria thanks to cheaper food

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FRI, FEBRUARY 15 2019-theG&BJournal-The cost of living has eased to 11.37% in January 2019 from the seven-month it reached in December, thanks to recent fall in price of food items. The fall means real incomes in the country are continuing to rise. Inflation was 0.07 percent points lower than the rate recorded in December 2018 (11.44) percent.

Stock prices responded positively to the news today with the All Share Index appreciating by 0.81%. 33 stocks posted gains while 22 posted declines.

The composite food index rose by 13.51 percent in January 2019 compared to 13.56 percent in December 2018, according the data published today by the National Bureau of Statistics (NBS). 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, all items inflation on year on year basis was highest in Kebbi (14.64%), Bauchi (13.79%) and Jigawa (13.17%), while Kwara (9.28%) Cross River (9.24%) and Ogun (9.01%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis however, January 2019 all items inflation was highest in Delta (1.66%), Ondo (1.55%), and Borno (1.44%), while Ekiti, Nasarawa and Osun recorded negative inflation or price deflation (general decrease in the general price level of goods and services or a negative inflation rate) in January 2019.

In January 2019, food inflation on a year on year basis was highest in Kebbi (16.45%), Delta (16.27%) and Ondo (15.63%), while Plateau (11.83%), Enugu (11.64%) and Ogun (10.99%) recorded the slowest rise in food inflation.

On month on month basis however, January 2019 food inflation was highest in Delta (2.73%), Kwara (2.50%) and Ondo (2.22%), 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.

Meanwhile, the Average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by -0.63% month-on-month and -6.86% year-on-year to N2,039.82 in January 2019 from N2,052.79 in December 2018, according to the NBS data.

States with the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Bauchi (N2,540.00), Adamawa & Cross River (N2,350.00) and Borno (N2,325.00).

States with the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Osun (N1,703.57), Ogun (N1,700.00) and Enugu (N1,672.22).

Similarly, average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by -1.25% month-on-month and -1.16% year-on-year to N4,277.86 in January 2019 from N4,332.06 in December 2018.

States with the highest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Akwa Ibom (N4,850.00), Abia (N4,761.54) and Delta (N4,757.14).

States with the lowest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Oyo (N3,945.00), Lagos (N3,876.00) and Kano (N3,866.67).

Also, the Average price per litre paid by consumers for National Household Kerosene increased by 5.35% month-on-month and 6.03% year-on-year to N306.28 in January 2019 from N290.74 in December 2018.

States with the highest average price per litre of kerosene were Abuja (N350.57) , Enugu (N344.58), and Jigawa (N341.31).

States with the lowest average price per litre of kerosene were Lagos (N260.78), Taraba (N265.67) and Niger (N253.47)

Similarly, average price per gallon paid by consumers for National Household Kerosene increased by 2.71% month-on-month and 15.90% year-on-year to N1187.75 in January 2019 from N1156.41 in December 2018.

States with the highest average price per gallon of kerosene were Jigawa (N1367.14), Kaduna (N1326.47) & Enugu (N1325.95).

States with the lowest average price per gallon of kerosene were Plateau (N1056.25), Kogi (N1,045.00) and Bayelsa (N1,004.55).

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