Nigeria’s Inflation Rate Rises For The 14th Consecutive Month
The National Bureau of Statistics on Friday revealed Nigeria’s inflation rate for the month of December 2016 was 18.55% (November 2016 18.48%). This is the 14th consecutive month of higher year on year inflation dating back to November 2015.
These are the key highlights of this month’s inflation
According to the Bureau, the Composite Food Index rose by 17.39 percent in December 2016 (November 2016 17.19%). Food price inflation has always been higher in the month of December compared to the month of November, every year since 2014. The rise in the index was caused by increases in prices of Meat, Bread and cereals, Oil and Fats, Fish, vegetables, milk and cheese and eggs, fruits and Potatoes, yam and other tubers.
On a month-on-month basis, the Food sub-index increased by 1.33 percent in December from the 0.88 percent recorded in November.
All Items Less Farm Produce
The ‘’All Items Less Farm Produce’’ or Core sub-index, which usually excludes the prices of volatile agricultural produce eased by 18.1 percent during the month, 0.10 percent points from 18.2 percent recorded in November as all key divisions which contributes to the index increased. On a month-on-month basis, the Core sub-index also eased by 0.62 percent in December, down by 0.09 percent points from 0.71 percent recorded in November. The highest month on
month increases were recorded in clothing materials and other articles of clothing, passenger transport by sea, hairdressing salons and personal grooming establishments, passenger transport by road, passenger transport by air, motor cycles and wine.
Urban & Rural Inflation
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 percent in December from 17.10 percent in November. On month-onmonth 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.