By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s inflation remained unchanged at 9.6 percent in the month of January 2016, the same figure posted in December 2015 weighed upon by slower increases in other major divisions such as housing,  water, electricity, gas and other fuels; and furnishings and household equipment maintenance, according to the National Bureau of Statistics (NBS) latest report.

The report says the pace of increases in food prices as recorded by the food sub-index increased at the same pace in January as in December, increasing by 10.6 percent (year-on-year). It affirmed that during the month, all major food groups which contribute to the food sub-index increased at a faster pace during the month with the exception of the fruit, vegetables; potatoes, yam and other tubers; sugar, jam, honey, chocolate and confectionery groups.

According to the NBS, after increasing at the same pace for the third consecutive month, the “All Items less Farm Produce” or Core sub-index edged marginally higher, increasing by 8.8 percent in January 2016 from 8.7 percent in December 2015,” the report added.

The nation’s statistics office said on a month-on-month basis, the headline index increased at a slower pace in January relative to December. The index increased by 0.9%, marginally lower from 1.0 percent in December as most contributing divisions slowed with then exceptions of the education; housing  and water,

The NBS reported in  January, the urban index grew at the same pace relative to November, increasing by 9.7 percent (year-on-year), while the rural index has increased (albeit marginally) for a third consecutive month, increasing from 9.4 percent in December to 9.5 percent in January.

“On a month-on-month basis, both the urban and rural indices increased at a slower pace, both increasing at 0.9 percent in January, marginally lower from 1.0 percent in December,” the report affirmed.

The statistics office noted that the percentage change in the average composite CPI for the twelve-month period ending in January 2016 over the average of the CPI for the previous twelve-month period was 9.1 percent, marginally higher from 9.0 percent recorded in December.

It further affirmed the corresponding twelve-month year-on-year average percentage change for the urban index increased from 9.1 percent in December to 9.2% in January, while the corresponding rural index also edged higher from 8.9 percent in December.

Click here to vieww Consumer Price Index (CPI) January 2016-NBS