By Nse Anthony-Uko,
ABUJA, (Sundiata Post) – The effect of the recession is hitting harder on Nigerians as the persistently rising cost of food, energy, transportation and other basic amenities spurs inflation rate to 18.72 per cent in January 2017, up from 18.55 per cent in December 2016, the National Bureau of Statistics said on Wednesday.
The 18.72 per cent rise in January makes it the 12th straight monthly increase in the inflation rate and the highest in more than 11 years, and was driven by surges in food, transport and electricity. A separate food index also rose, to 17.82 per cent from 17.39 per cent in December, the statistics office said.
According to the Bureau, the faster pace of growth in headline inflation, year on year, were recorded in the following products; bread and cereals, meat, fish, oils and fats, potatoes, yams and other tubers, wine and spirits, clothing materials and accessories, electricity, cooking gas, liquid and solid fuels, motor cars and maintenance, vehicle spare parts and fuels and lubricants, for personal transport equipment, passenger transport by road
This increase is more than the 0.07 per cent increase recorded between November 2016 and December 2016 but is far lower than the sharp increases recorded month-on-month during the first three-quarters of 2016.
The highest increase recorded in 2016 was a 1.9 per cent increase from 13.7 per cent in April 2016 to 15.6 per cent in May 2016.
Looking at inflation numbers on a month on month basis, also shows headline inflation was driven by passenger transport by air, fuels and lubricants for personal transport equipment, liquid fuels, cooking gas, oils and fats, fruits, milk, cheese and eggs, fish, meat and bread and cereals.