Nigeria’s inflation monthly inflation for the month of December released by the National Bureau of Statistics (NBS), stood at 9.6 per cent, on the impact of a number of factors including higher cost of imported food times, non-alcoholic beverages, tobacco and intermittent petrol shortages It rose from 9.4 per cent in November.
The figure, which is 0.2 per cent higher than that of November, confirmed that the Consumer Price Index( CPI) rose marginally for the second consecutive month .
The data on monthly inflation released by the National Bureau of Statistics (NBS), noted: “In December, the pace of increases recorded by CPI increased for the second consecutive month. The headline index increased by 9.6 per cent (year-on-year) by 0.2 per cent point higher from rates recorded in November. The increase in headline was driven in part by higher prices within key divisions, which contribute to the index.”
Other items that topped higher prices in December included kola, clothing and footwear.
Specifically, food prices were said to have recorded significant pressure during the month under consideration, with sub-index increased to 10.6 per cent year-on-year, indicating 0.3 per cent points from rates recorded in previous month.
The report noted further that all the major food groups, which contributed to the food sub-sector index, increased at a faster pace during the month with the exception of milk, cheese and eggs group.
On farm produce, it added that all the items less farm produce rose at the same rate of 8.7 per cent for the third consecutive month.
“The core sub-index was weighted upon by slower increases in major divisions as housing, water, electricity, gas and other fuels, furnishings and household equipment maintenance weighted on the index.”
In the month of December, NBS report said urban index also grew at faster pace relative to November increasing by 9.7 per cent (year-on-year) compared to 9.4 per cent. It explained that the pace of increase recorded in December in the rural index was relatively muted, increasing from 9.3 per cent in November to 9.4 per cent.
“On a month-on-month basis, both the urban and rural indices increased at the same pace, with both increasing at 1.0 per cent in December, 0.3 per cent points from 0.7 per cent in November.”