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Inflation accelerates to 18.72%

Nigeria’s inflation rate accelerated to 18.72% in January 2017 from 18.55% in December 2016, according to data released by the National Bureau of Statistics (NBS). This marked an increase of 0.17% from the previous month.

The NBS said that the faster pace of growth in headline inflation, year on year, were recorded in 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, passenger transport by road.

On a month by month basis, the inflation number was driven by passenger transport by air, fuels and lubricants for personal transport equipment, liquid fuels, cooking gas, oils and fats, fruits, Miké cheese and eggs, fish, meat and bread and cereals.

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