Excitement as Nigeria’s inflation drops to 11.37 weeks after Buhari’s re-ection

Excitement as Nigeria’s inflation drops to 11.37 weeks after Buhari’s re-ection

- The National Bureau of Statistics (NBS) says Nigeria’s inflation rate declines=d from 11.44% in December to 11.37%

- The NBS says this is the second consecutive time the inflation rate is dropping

- It is even despite a prediction by the CBN governor, Godwin Emefiele, that inflation could rise post-election period

Nigeria’s inflation rate declined in January 2019, from 11.44% to 11.37%, a 0.07% decrease in the period under review, according to figures released by the National Bureau of Statistics (NBS).

The inflation rate measures how prices of goods and services rise or drop and is measured by the Consumer Price Index (CPI). It was 11.44% in December 2018.

The NBS said further the urban inflation rate increased by 11.66% (year-on-year) in January 2019 from 11.73% recorded in December 2018.

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Also, the NBS stated that the rural inflation rate increased by 11.11% in January 2019, from 11.18% in December 2018.

Legit.ng earlier reported that the Central Bank of Nigeria (CBN), Godwin Emefiele, in December 2018, predicted that inflation rate in the country could rise for the rest of 2018 till mid-2019 due to the elections.

Emefiele made the disclosure when giving a speech at a bankers’ dinner in Lagos, The Sun reports.

He, however, stated that despite this gloomy picture, the short-term outlook of the Nigerian economy remains good.

"Inflation expectations are rising on the backdrop of anticipated politically-related liquidity injections. For the rest of 2018 and towards mid-2019, Nigeria’s rate of inflation is projected to rise slightly to about 11.4 percent and then moderate thereafter," Emefiele said.

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Recently, however, the National Bureau of Statistics (NBS) said the Consumer Price Index (CPI) which measures inflation increased to 11.44% (year-on-year) in December 2018 from 11.28% recorded in November 2018.

The NBS disclosed this in its “CPI and Inflation Report’’ for December released in Abuja on Wednesday, January 16, on its website.

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Source: Legit.ng

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