Nigeria’s inflation rate shots up in December – NBS

Inflation rate in Nigeria rose from 11.28 per cent in November to 11.44 per cent November, 2018, representing 0.16 per cent jump in 30 days.

In its Consumer Price Index report for December released on Wednesday, the National Bureau of Statistics (NBS) said the increases were recorded in all Classification of Individual Consumption by Purpose, COICOP, divisions that yielded the Headline index.

On a month-on-month basis, the NBS said the headline index increased by 0.74 per cent in the period under review by 0.06 per cent points from the rate recorded in Nov. 2018 (0.80 per cent).

It said the percentage change in the average composite CPI for the 12 months period ended December over the average of CPI for the previous 12 months period.

It, however, measured the CPI at 12.10 per cent in the period under review, indicating a 0.31 per cent decline from 12.41 per cent recorded in Nov. 2018.

According to the bureau, the urban inflation rate increased to 11.73 per cent (year-on-year) in Dec. 2018 from 11.61 per cent recorded in November of the same year, while the rural inflation rate also increased to 11.18 per cent in Dec. 2018 from 10.99 per cent in Nov. 2018.

On a month-on-month basis, NBS said the urban index rose by 0.76 per cent in the period under review, showing a decline of 0.07 per cent from 0.83 per cent recorded in Nov. 2018 while the rural index also rose by 0.72 per cent in Dec. 2018, indicating a decrease of 0.06 per cent from the rate of 0.78 per cent recorded in Nov. 2018.