Nigeria’s inflation rate hits 18.55 %

The National Bureau of Statistics (NBS) says Consumer Price Index (CPI) increased by 18.55 per cent (year-in-year) in December, 2016 from 18.48 per cent recorded in November.
The CPI, which measures inflation, is 0.07 per cent 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 per cent and 8.91 per cent (year-on-year) respectively.
 
“The Food Index rose by 17.39 per cent (year-on-year) in December 2016, up by 0.20 per cent points from rate recorded in November (17.19) per cent.
 
“During the month, all major food sub-indexes increased, with Soft Drinks recording the slowest pace of increase at 7.66 per cent (year on year).’’
 
The report stated that price movements recorded by All Items less farm produce or Core sub-index rose by 18.10 per cent (year-on-year) in December.
 
This, it stated was down by 0.10 per cent points from the rate recorded in November (18.20) per cent.
 
“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 per cent respectively.’’
On a month-on-month basis, the report stated that the Headline index rose by 1.06 per cent point in December, higher from the rate recorded in November (0.78) per cent.
 
It said that the Urban index rose by 20.12 per cent (year-on-year) in December from 20.07 per cent recorded in November, and the Rural index increased by 17.20 per cent in December from 17.10 per cent in November.
 
“On month-on-month basis, the urban index rose by 1.08 per cent in December from 0.78 per cent recorded in November, while the rural index rose by 1.04 per cent in December from 0.79 per cent in November.
 
“The percentage change in the average composite CPI for the twelve-month period ending in December 2016 was 15.7 per cent, higher from the 15.0 per cent recorded in November 2016,’’ it stated.