Nigeria’s National Bureau of Statistics (NBS), on Tuesday published the consumer price index (CPI) for the month of December 2018, showing that inflation rate defied the yuletide festivities and the associated spending and price hikes and particularly despite the fuel crisis resulting sometimes in 300% transport fares across the country.
Moreso, the drop in inflation for the month to 15.37% year on year from 15.90% in November, represented the biggest reduction for the past 10 months.
CPI, which measures the average change over time in prices of goods and services consumed by people for day-to-day living on month-on-month, dropped to 0.59% from previous month’s 0.78%, driven by high increases in the prices of bread and cereals, potatoes, yams and other tubers, coffee, tea and cocoa, milk, cheese and egg, oil and fats, as well as fish
Food drops to 19.42% from 20.30% and Core sub-index fell to 12.10% from 12.20%, and MoM to 0.51% from 0.78%.
Drivers of the growth included fuel and lubricants for personal transport equipment, solid and liquid fuel, passenger transport by air and hospital and medical services.
Others are: clothing materials and other articles of clothing, vehicle spare parts, non-durable goods; furniture and furnishing.
On a state-by state basis, inflation was highest in Bauchi at 21.92%; followed by Nasarawa, 18.16%; and Kebbi, 18.67%; and lowest in Kogi, 10.03%; Delta, 12.61% and Benue, 13.35%.
Month-on-Month, highest inflation rate was recorded in Edo, 1.48%; Yobe, 1.34%; and Kebbi again, 1.27%; just as it was lowest still in Kogi at 0.96%; Bauchi, 0.67% anmd Nasarawa, –0.4%.
Food inflation was at its peak in Kwara, 24.476%; Yobe, 22.6%; and Nasarawa, 22.77%; just as Kogi recorded the slowest rise in food inflation of 11.14%; Bauchi, 14.18% and Benue, 15.04%.
MoM, food inflation rose the highest in Edo at 1.9%; and 1.76% each in Niger and Akwa Ibom; while Kogi, Kwara and Ebonyi recorded the slowest growth of 1.62%; 1.1% and 0.76% respectively.