Owing to the border closure which took effect last year, food prices have continued to escalate resulting in a steady inflation of up to 11.98% as at December 2019 which is 0.13% points higher than the rate recorded in November 2019 (11.85%).
The Nigerian Bureau of Statistics (NBS) stated this in its consumer price index (CPI) report for December 2019 released in Abuja on Friday, January 17, 2019.
The report indicates that increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the Headline index.
“On a month-on-month basis, the Headline index increased by 0.85 percent in December 2019, this is 0.17% rate lower than the rate recorded in November 2019 (1.02%).
“The percentage change in the average composite CPI for the twelve-month ending December 2019 over the average of the CPI for the previous 12 months period was 11.40%, showing 0.05% point from 11.35% recorded in November 2019.”
Food inflation rose by 14.67% in December 2019 compared to 14.48% in November 2019. This was caused by increases in prices of Bread and cereals, Meat, Fish, Oils and fats, Potatoes, yam and other tubers.
Core inflation which excludes the prices of volatile agricultural produce increased to 9.33% in December 2019, up by 0.34% when compared with 8.99% recorded in November 2019.
The urban inflation rate increased by 12.62% (year-on-year) in December 2019 from 12.47% recorded in November 2019
Rural inflation rate on the other hand, increased by 11.41% in December 2019 from 11.30% in November 2019.