*As Inflation Rises To 18.55%
The National Bureau of Statistics (NBS), on Friday, said although Consumer Price Index (CPI) continued to rise for the month of December, the rate was even slower than the previous with inflation increasing by 18.55% year-on-year, or 0.07% from 18.48% in November.
The highest price increases were seen in Housing, Water, Electricity, Gas and Other Fuels, Clothing and Footwear and Education, which grew by 27.27%, 21.62% and 17.84% respectively.
On fuel, according to the Premium Motor Spirit (or petrol) watch also released on Friday, the product sold across the country at an average price of N147 per litre, same as in November, as against the Federal Government’s regulated price of N145 per litre.
According to the NBS data, Nigerians across 20 states of the federation bought the product above the price, while residents of Lagos, Osun, Oyo and Akwa Ibom bought at an average price of N144/litre, below the control price.
Petrol at N152/l in the three states of Kwara, Bayelsa and Kebbi; followed by Kogi, N150/l, just like Taraba, Enugu and Nasarawa; while Yobe, Cross River, Ebonyi, residents bought the product at N149/l; Bauchi and Abia residents bought petrol at N147/l. In Imo, petrol was sold at an average of N146; like Edo.
December’s average brought the year-on-year average price to N146.7/l.
The Automotive Gas Oil (Diesel) price watch revealed that it sold at N196/litre, slightly above previous year’s N195.6 per litre.
Ekiti residents paid N196 per litre on the average; while Abuja, Yobe and Gombe bought the product at N180/l; followed by Plateau, N183/l; and Adamawa, N185.
States with the highest average prices were Zamfara, N210/l, just like Rivers; and Zamfara, N211 each.
Meanwhile, on a month-on-month basis, headline inflation rose by 1.06% point in December, higher from the rate recorded in November (0.78%).
The Food Index rose by 17.39% year-on-year in December 2016, up by 0.20% from the 17.19% recorded in November, with all major food sub-indexes increasing. The soft drinks recorded the slowest pace of increase at 7.66% year on year.
“Price movements recorded by All Items less farm produce or Core sub-index rose by 18.1% year-on-year in December, down by 0.1% points from rate recorded in November (18.2%).”
According to a statement on the bureau’s website, “the Urban index rose by 20.12% year-on-year in December from 20.07% recorded in November, and the Rural index increased by 17.2% in December from 17.1% in November. On month-on-month basis, the urban index rose by 1.08% in December from 0.78% recorded in November, while the rural index rose by 1.04% in December from 0.79% in November.
“The percentage change in the average composite CPI for the twelve-month period ending in December 2016 was 15.7%, higher from the 15% recorded in November 2016. The corresponding twelve-month year-on-year average percentage change for the urban index increased from 16.19% in November to 17.05% in December, while the corresponding rural index also increased from 13.9% in November to 14.54% in December.”
Also in December, the Composite Food Index rose by 17.39%, following increases in the prices of meat, bread and cereals, oil and fats, fish, vegetables, milk and cheese and eggs, fruits and potatoes, yam and other tubers.
