Post Views: 159 Nigeria’s National Bureau of Statistics (NBS), on Friday, published the country’s consumer price index (CPI), showing that inflation r...
Nigeria’s National Bureau of Statistics (NBS), on Friday, published the country’s consumer price index (CPI), showing that inflation rate soared by 11.98% year-on-year in December 2019, representing 0.13% rise over the preceding month’s 11.85%.
According to the report, month-on-month headline index climbed 0.85% up, after dropping 0.17% below the 1.02% reported in November; even as the average composite CPI for the 12-month period ending December 2019 over the average of the CPI for the previous 12-month period stood at 11.4%, as against 11.35% recorded in November 2019.
The urban inflation rate increased by 12.62% YOY in December 2019 from 12.47% in November 2019, while the rural inflation rate increased by 11.41% in December 2019, from 11.3% in November 2019.
MoM, the urban index rose by 0.9% in December 2019, a 0.17% drop from 1.07% recorded in November 2019, while the rural index also rose by 0.82% in December
2019. This was down by 0.16% from the 0.98% rate recorded in November 2019.
The corresponding 12-month year-on-year average percentage change for the urban index is 11.83% in December 2019, higher than 11.75% reported in November 2019, while the corresponding rural inflation rate in December 2019 is 11% compared to 10.98% in November 2019. According to the NBS, the composite food index for the period under review rose by 14.67%, compared to 14.48% in November 2019, caused by increases in prices of bread and cereals, meat, fish, oils and fats, potatoes, yam, and other tubers.
On MoM basis, the food sub-index increased by 0.97% in December 2019, down by 0.28% from 1.25% recorded in November 2019; following which average annual rate of change of the Food sub-index for the 12-month period ending December 2019 over the previous was 13.74%, as against the 13.65% average annual rate of change recorded in November 2019.
The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.33% in December 2019, a 0.34% growth when compared with 8.99% in November 2019.
On month-on-month basis, the core sub-index increased by 0.81% in December 2019, compared with 0.79% recorded in November 2019, with the highest increases recorded in prices of hospital services, hairdressing saloons and personal grooming establishment, garments, repair and hire of footwear, vehicle spare parts, passenger transport by air, shoes and other footwear, clothing accessories and cleaning, among others.
On a state-by-state basis, according to the NBS report, headline inflation YoY, was highest in Bauchi, 15.14%; Kebbi, 14.43%; and Plateau, 14.34%; while Abuja recorded the slowest growth of 9.77%; followed by Kwara’s 9.93%; and Katsina, 10.68%. On month on month basis, December 2019 all items inflation was highest in Kogi at 2.42%; Bauchi, 1.98%; and Kaduna, 1.81%; while Edo recording price deflation or negative inflation (general decrease in the general price level or negative inflation rate; followed by Delta, with 0.08% rise; and Kwara, 0.19%, recording the slowest rise on month on month inflation.
Food inflation was at its peak YoY during the period under review in Sokoto at 17.75%; Ogun, 17.37%; and Plateau, 16.75%. Growth in inflation rate in December was, however, slowest in Bauchi, 12.19%; Delta, 12.72%; and Bayelsa, 13.26%; while MoM, food inflation was highest in Kogi, 2.82%; Kaduna, 2.63%; and Abia, 2.21%. Growth was slowest MoM in Delta, Edo, Imo, and Kwara, as they recorded price deflation or negative inflation, defined as a general decrease in the general price level of food or a negative food inflation rate.