Consumers groan as inflation rate rises to 18.72%

Hopes that the Consumer Price Index which measures inflation would reduce soon following promises by government were dashed as the index increased by 18.72 per cent (year-on-year) in January 2017.
The National Bureau of Statistics in its CPI report which was released on Wednesday in Abuja said the 18.72 per cent rise in inflation rate is 0.17 percentage points higher than the 18.55 per cent recorded in December 2016.
The NBS report said the fastest pace of growth in headline inflation, year on year, were seen in bread and cereals, meat, fish, oils and fats, potatoes, yams and other tubers, wine and spirits, clothing materials and accessories.
Others are electricity, cooking gas, liquid and solid fuels, motor cars and maintenance, vehicle spare parts and fuels and lubricants for personal transport equipment, passenger transport by road.

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