The National Bureau of Statistics, NBS, has revealed that Nigeria’s inflation rate rose from 14.89 percent in November, 2020, to 15.75 percent in December, 2020, Page 36 learnt on Saturday.
The new rate contained in the data titled: “Consumer Price Index December 2020”, which was posted on NBS’ website, represents the highest since 2017.
The document revealed: “The Consumer Price Index, CPI, which measures inflation, increased by 15.75 percent (year-on-year), in December 2020. This is 0.86 percent points higher than the rate recorded in November 2020 (14.89) percent.”
According to the NBS, the corresponding 12-month year-on-year average percentage change for the urban Index was 13.86 percent, in December 2020.
It noted that this is higher than the 13.55 percent reported in November 2020, while the corresponding rural inflation rate in December 2020, was 12.67 percent, compared to the 12.35 percent recorded in November 2020.
The data noted that the percentage change in the average composite CPI for the 12-month period ending December 2020, over the average of the CPI, for the previous 12-month period was 13.25 percent, representing 0.33 percent point increase over the 12.92 percent recorded in November 2020.
According to the NBS, increases were recorded in all COICOP divisions that yielded the headline index.
On a month-on-month basis, the urban index rose by 1.65 percent in December 2020, same as the rate recorded in November 2020, while the rural index also rose by 1.58 percent in December 2020, up by 0.02 percent above the rate that was recorded in November 2020 (1.56 percent).
The data said that on a month-on-month basis, the headline index increased by 1.61 percent in December 2020.
The NBS noted that this is 0.01 percent rate higher than the rate recorded in November 2020 (1.60 percent).
Furthermore, the report said that urban inflation rate increased by 16.33 percent (year-on-year) in December 2020, from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 15.20 percent in December 2020, from 14.33 percent in November 2020.
The NBS disclosed that the composite food index rose by 19.56 percent in December 2020, compared to 18.30 percent in November 2020.
It further noted that the average annual rate of change of the food sub-index for the 12-month period ending December 2020, over the previous 12-month average was 16.17 percent, 0.42 per cent points from the average annual rate of change recorded in November 2020 (15.75) percent.
The document added: “This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish, and oils and fats.
“On month-on-month basis, the food sub-index increased by 2.05 percent in December 2020, up by 0.01 percent points from 2.04 percent recorded in November 2020.”
More news later…