Inflation Rises Further to 18.72% on Higher Food, Energy, Transportation Costs

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Kerosene price rises by 87.12%, cooking gas 35.28%
James Emejo in Abuja

The Consumer Price Index (CPI) which measures inflation increased to 18.72 percent (year-on-year) in January 2017 compared to 18.55 percent in the previous month, according to the National Bureau of Statistics (NBS).

It attributed the 0.17 percentage month-on-month increase to increases recorded in all the divisions, which contribute to the Headline index.
According to the CPI report for the month in review, the faster pace of growth in inflation during the period under review was in bread and cereals, meat, fish, oils
and fats, potatoes, yams and other tubers.

Increases were further recorded in 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 and passenger transport by road.
Specifically, the Food Sub-Index rose to 17.82 per cent year-on-year in January from 17.39 per cent in December and 1.29 per cent month-on-month from 1.33 per cent the previous month.
The Core Sub-Index also rose by 0.68 per cent in January compared to 0.62 per cent in the previous month.

The Composite Food Index rose by 17.82 per cent in January. The rise in the index was mainly driven by increases in prices of Bread and cereals, Meat, Oil and Fats, and Fish, according to the statistical agency.
The Urban inflation rose by 20.31 per cent (year-on-year) in January from 20.12 per cent in December, while the Rural index increased by 17.34 per cent in January from 17.20 per cent in December.

On month-on-month basis, the urban index rose by 1.03 per cent in January from 1.08 per cent recorded in
December, while the rural index rose by 1.00 per cent in January from 1.04 percent in December, the NBS stated.
However, communication and 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.

Meanwhile, the average price per litre of household kerosene paid by Nigerians increased by 87.12 per cent to N433.84 in January from N231.85 in December 2016.
According to the NBS, states with the highest average price per litre of kerosene include Sokoto (N647.62), Niger (N625.00) and Edo (560.19).
While the lowest average price per litre of kerosene were recorded in Ogun (N324.44), Zamfara (N300.00) and Plateau (N270.00).
Similarly, average price per gallon paid by consumers of kerosene increased by 38.92 per cent year-on-year and 101.80 per cent month-on-month to N1,434.44 in January to from N1,032.59 in December 2016.

States with the highest average price per gallon of kerosene were Sokoto (N1,814.00), Taraba (N1,787.50) and Oyo & Niger (1,700.00) while States with the lowest average price per litre of kerosene included Ogun (N1,182.14), Zamfara (N1,211.11) and Plateau (N1,232.35).

Similarly, the average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) increased by 35.28 per cent to N5,508.16 in January from N4,071.63 in December 2016.
States with the highest average price for the refilling of a 12.5kg cylinder for liquefied petroleum gas (Cooking Gas) included Borno (N5,950.00), Delta (N5,933.33) and Katsina (5,972.22) while states with the lowest average price for the refilling of a 12.5kg cylinder for liquefied petroleum gas (Cooking Gas) were Benue (N5,083.33), Ogun (N5,030.00) and Kaduna & Kogi (N5,000.00).

Also, the average price for the refilling of a 5kg cylinder for liquefied petroleum gas (Cooking Gas) increased by 28.24 percent to N2,567.56 in January from N2,002.16 in December 2016.
The NBS stated that states with the highest average price for the refilling of a 5kg cylinder of cooking gas were Abuja (N2,800), Kano (N2,750) & Oyo (2,700) while states with the lowest average price for the refilling of a 5kg cylinder for cooking gas included Borno (N2,511.11), Akwa Ibom (N2,520) and Bauchi, Benue, Edo, Ekiti, Gombe, Jigawa, Osun, Yobe and Zamfara- all at (N2,500).