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ProfRem
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Commodity prices of essential commodities became increasingly un-affordable for Nigerians, as the inflation rate rose for the 15th consecutive month to 18.72 per cent in January, 2017.
The commodities like bread, meat, fish, oil, yam and others have driven principally by the impact of Naira devaluation and increase in prices of petroleum products have been rising persistently since 2015, with the inflation rate, which measures rate of increase in prices, rising from 9.3 per cent in October 2015 to 18.55 in December 2016.
An instance, the price of 50 kilogrammes of Garri, rose by 285 per cent to N15, 000, last month, from N3, 900 in January last year.
Similarly, 50 kilogrammes of beans that sold for N13, 500 in January 2016, rose by 33 per cent to N18, 000 last month.
Also, price of 25 litres of Palm Oil rose by 208 per cent to N17,500 , last month, from N6, 500 in January 2016.
The National Bureau of Statistics (NBS), while confirming this development in its Consumer Price Index report for January, 2017, said prices of essential commodities rose at a faster pace in January pushing up the inflation rate to 18.72 per cent.
The bureau said: “The Consumer Price Index (CPI), which measures inflation, increased by 18.72 per cent (year-on-year) in January 2017, 0.17 percentage points higher from the rate recorded in December 2016 (18.55) per cent.
According to the report released on Wednesday, the Food Index increased by 17.82 per cent (year-on-year) in January, up by 0.43 per cent points from rate recorded in December 2016 (17.39) per cent. During the month, all major food sub-indexes increased, with soft drinks recording the slowest pace of increase at 7.8 percent(year on year).
Read more: Inflation Hits New High, 18.72 Per Cent In January
The commodities like bread, meat, fish, oil, yam and others have driven principally by the impact of Naira devaluation and increase in prices of petroleum products have been rising persistently since 2015, with the inflation rate, which measures rate of increase in prices, rising from 9.3 per cent in October 2015 to 18.55 in December 2016.
An instance, the price of 50 kilogrammes of Garri, rose by 285 per cent to N15, 000, last month, from N3, 900 in January last year.
Similarly, 50 kilogrammes of beans that sold for N13, 500 in January 2016, rose by 33 per cent to N18, 000 last month.
Also, price of 25 litres of Palm Oil rose by 208 per cent to N17,500 , last month, from N6, 500 in January 2016.
The National Bureau of Statistics (NBS), while confirming this development in its Consumer Price Index report for January, 2017, said prices of essential commodities rose at a faster pace in January pushing up the inflation rate to 18.72 per cent.
The bureau said: “The Consumer Price Index (CPI), which measures inflation, increased by 18.72 per cent (year-on-year) in January 2017, 0.17 percentage points higher from the rate recorded in December 2016 (18.55) per cent.
According to the report released on Wednesday, the Food Index increased by 17.82 per cent (year-on-year) in January, up by 0.43 per cent points from rate recorded in December 2016 (17.39) per cent. During the month, all major food sub-indexes increased, with soft drinks recording the slowest pace of increase at 7.8 percent(year on year).
Read more: Inflation Hits New High, 18.72 Per Cent In January
