Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Inflation rate stands at 8.0 per cent in January

17 February 2014, 10:29

Abuja – Nigeria’s inflation rate stood at 8.0 percent in January, the same rate recorded in December, 2013.

This is contained in a statement in Abuja by the Statistician-General of the Federation, Yemi Kale

According to the statement, in January, the Consumer Price Index (CPI) which measured inflation, has risen by 8.0 percent year-on-year.

“Growth rates have held relatively unchanged for the second consecutive month and continue to find support in the single digit range in line with trends exhibited in 2013.

"Food prices have risen at the same rate over the past three months at 9.3 percent (year-on-year), with the largest increases observed in the bread and cereals, meats, sugar, honey, chocolate and confectionery classes.

“Prices of yams, potatoes and other tubers increased at relatively the same rate over December and January, while prices rose at a faster rate in meat, fish, dairy and fruit classes,’’ it stated.

The statement said price increases in the food sub-index were weighed down by moderate increases in the vegetables, and oils and fats classes.

“In January 2014, there were moderation in various classes which contributed to the index, including actual and imputed rental prices, garments, solid and liquid fuels.

“Others are some household furnishings, reflecting an easing of demand following the end of year prices,’’ it stated.

The statement said the urban composite CPI was recorded at 152.2 points in January, representing an 8.2 per cent increase from levels recorded in January, 2013.

It added that the urban composite index was, however, higher by 0.1 percentage points from the 8.1 per cent year-on-year change recorded in December.

“ The corresponding rural national CPI recorded a 7.8 per cent year-on-year change in January 2014, easing marginally from rates recorded in December 2013, representing 7.9 per cent.

``The rural all items index was recorded at 0.68 per cent (month-on-month), marginally down from 0.76 per cent recorded in December,’’ the statement added.

It said the corresponding 12-month year-on-year average percentage change for the urban index was 8.7per cent, while the corresponding rural index was recorded at 8.3 per cent.

The statement said both were marginally lower from the previous 12 months rates of change by 0.1 percentage point.

-          NAN

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page.


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...