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Nigeria’s Inflation Hits 18.5 Percent


National Bureau of Statistics on Friday announced that the Consumer Price Index, which measures inflation with the index rising, hit 18.55 per cent in the month of December. A report said the 18.55 per cent is an increase of 0.07 percentage over the 18.48 per cent recorded in the month of November. NBS report attributed the increase to a rise in the price of electricity, housing, water, clothing, footwear and education.

It reads in part, “The Consumer Price Index which measures inflation increased by 18.55 per cent (year-on-year) in December 2016, 0.07 percent points higher from the rate recorded in November (18.48 per cent). “Communication, restaurants and hotels recorded the slowest pace of growth in December, growing at 5.33 per cent and 8.91 per cent (year-on-year) respectively.

“During the month, the highest increases were seen in housing, water, electricity, gas and other fuels, clothing and footwear, and education.” NBS noted that during the month, all major food sub-indexes increased, with soft drinks recording the slowest pace of increase at 7.66 per cent year on year. The report stated that the urban index rose by 20.12 per cent (year-on-year) in December from 20.07 per cent recorded in November, while the rural index increased by 17.20 per cent in December from 17.10 per cent in November.

On month-on-month basis, the urban index, rose by 1.08 per cent in December from 0.78 per cent recorded in November, while the rural index rose by 1.04 per cent in December from 0.79 per cent recorded in November.

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