Nigeria’s Inflation Rate Hits 18.55% in December – NBS

Mon, Jan 16, 2017
By publisher
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Business

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THE National Bureau of Statistics, NBS, says Consumer Price Index, CPI, increased by 18.55 percent (year-in-year) in December, 2016 from 18.48 percent recorded in November. The CPI, which measures inflation, is 0.07 percent points higher from the points recorded in November.

A report released by the NBS in Abuja, noted that the increase was recorded in all Classification of Individual Consumption by Purpose, COICOP, divisions that yielded the Headline Index. “Communication and Restaurants and Hotels recorded the slowest pace of growth in December, growing at 5.33 percent and 8.91 percent (year-on-year) respectively.

“The Food Index rose by 17.39 percent (year-on-year) in December 2016, up by 0.20 percent points from rate recorded in November (17.19) percent. During the month, all major food sub-indexes increased, with Soft Drinks recording the slowest pace of increase at 7.66 percent (year on year).”

The report stated that price movements recorded by All Items less farm produce or Core sub-index rose by 18.10 percent (year-on-year) in December. This, it stated was down by 0.10 percent points from the rate recorded in November (18.20) percent.

“During the month, the highest increases were seen in Housing, Water, Electricity, Gas and Other Fuels, Clothing and Footwear and Education, growing at 27.27, 21.62 and 17.84 percent respectively.”

On a month-on-month basis, the report stated that the Headline index rose by 1.06 percent point in December, higher from the rate recorded in November (0.78) percent. It said that the Urban index rose by 20.12 percent (year-on-year) in December from 20.07 percent recorded in November, and the Rural index increased by 17.20 per cent in December from 17.10 percent in November.

“On month-on-month basis, the urban index rose by 1.08 percent in December from 0.78 percent recorded in November, while the rural index rose by 1.04 percent in December from 0.79 percent in November. The percentage change in the average composite CPI for the twelve-month period ending in December 2016 was 15.7 percent, higher from the 15.0 percent recorded in November 2016,” it stated. (NAN)

—  Jan 16, 2017 @ 16:20 GMT

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