Prices of foods, energy push inflation to 12-yr high at 18.72%

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Nigeria’s inflation rate rose to 18.72 per cent in January 2017 from 18.55 per cent recorded in December 2016 over rising prices of consumable goods and energy, Daily Trust reports.

A Consumer Price Index report released by the National Bureau of Statistics indicated that communication, restaurants and hotels recorded the slowest pace of price growth in January.

“The faster pace of growth in headline inflation, year on year, were 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 and passenger transport by road,” the report stated.

Analysis showed that on a month on month basis, 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.

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