The National Bureau of Statistics (NBS) has released the Consumer Price Index (CPI) report for the month of December 2018.

Inflation rose 11.44% year on year. This is 0.16% higher than the 11.28% recorded in November.

On a  month-on-month basis, inflation increased by 0.74 percent in December 2018, up by 0.06 percent points from the 0.80% recorded in November.

Average monthly rise 

The percentage change in the average composite CPI for the twelve months period ending December 2018 over the average of the CPI for the previous twelve months period was 12.10 percent, showing 0.31% increase from the 12.41% recorded in November 2018.

How did the states fare? 

Inflation on a year on year basis was highest in Bayelsa (13.32%), Zamfara (13.23%) and Ekiti (13.18%).

Kwara (9.12%) Ogun (8.71%), and Cross River (8.21%) recorded the slowest rise in headline Year on Year inflation.

Business day

On a month on month basis for  December 2018, all items inflation was highest in Kebbi (1.72%), Kaduna (1.69%), and Zamfara (1.68%).

Ogun (0.07%) had the least with Kwara and Edo recording negative inflation or price deflation (general decrease in the general price level of goods and services or an egative inflation rate) in December 2018.

A step closer to MPR raise

The consistent increase in inflation may sway members of the Monetary Policy Committee (MPC) to consider an increase in the Monetary Policy, at the first MPC meeting.

Deal book 300 x 250

In the event of that not happening, MPC members could consider a raise after the elections.

Treasury bill yields may inch up

In the event of the MPC maintaining a hold recommendation on interest rate, the CBN could decide to increase yields on treasury bills.



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