Naija Foodie Update

Foodie Naija Update (Nigeria’s Consumer, Food Inflation Steady In January)

Nigeria’s consumer inflation held
steady in January versus December at 9.6%.
This was gathered from data released by the National Bureau
of Statistics on Sunday.

According to the NBS, Food inflation was also steady at 10.6% in January compared
with the previous month.
While divisions such as Food and
Nonalcoholic Beverages, Clothing
and Footwear, and others increased at a faster pace in the
month, relative to December 2015, the Headline index was
weighed by slower increases in other major divisions such as Housing, Water, Electricity, Gas and Other Fuels.

It said the highest price increases in January were
recorded in the passenger transport by road, and books
and stationery groups as a result of the start of the new educational sessions across the country.

“The average 12 month annual rate of rise of the index was
recorded at 8.4% for the 12 month period ending in January 2016, 0.2% points
higher from the 12 month rate of
change recorded in December 2015, it noted.

The urban inflation in the month in review increased by 9.7% (year-on-year), while the rural index also increased marginally for a third consecutive month from 9.4% in
December to 9.5% in
January.

On a month-on-month basis, both the urban and rural indices increased at a slower pace at 0.9% in January, marginally
lower from 1.0% in
December, the NBS further stated.

According to the statistical agency, “Driven in part by
increases in imported food prices which rate of change
continues to surpass previous years’ highs, the pace of increases in food prices as
recorded by the Food Sub-index increased at the same pace for
the second consecutive month in
January by 10.6%.”

“Year-on-year, the highest price
increases were recorded in the fish, vegetables, bread and cereals groups. On a month-on-month basis, the Food sub-index
increased by 0.9% in
January, 0.3% points
lower from rates recorded in December.

All groups which
contribute to the Food Sub-index
increased at a slower pace, with the exceptions of the bread and cereals and milk, eggs and cheese groups.

“The average annual rate of change of the Food sub-index for
the 12-month period ending in January 2016 over the previous 12 month average was 10.0%.

This was marginally higher than the average annual rate of change recorded in December; 9.9%.”

Meanwhile, the average monthly
price paid by Nigerian households for a litre of petrol
across the country increased to dropped to N109.59/litre in
January compared to N119.61/litre in December, the NBS stated.

Yet, the official pump price of petrol is between N86 and
N86.50 and figures provided showed that on the monthly
average, Nigerians have continued to purchase petrol above the official rate in the period under review.

According to the petrol report for
January also released by the NBS yesterday, Lagos, Oyo and Ogun
States recorded the lowest monthly average price of N91.06, N91.47 and N92.46 respectively.

On the other hand, Ebonyi, Imo and Abia States accounted for
the highest monthly average of petrol at N132.14, N131 and
N129.33 respectively.
Abuja, Bayelsa and Rivers States recorded monthly averages of N99.60, N96.13 and N102.50
respectively.

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