Inflation in Nigeria rose by 0.07 pct

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NBS

National Bureau of Statistics on Friday published the Consumer Price Index, which measures inflation, with the index rising by 18.55 per cent in the month of December.

According to report provided to correspondent in Abuja, the 18.55 per cent was an increase of 0.07 percentage points over the 18.48 per cent recorded in November 2016.

The report attributed the increase in the inflation rate to a rise in the price of electricity, housing, water, clothing, footwear and education.

The report read in part, “The Consumer Price Index, which measures inflation, increased by 18.55 per cent (year-on-year) in December 2016, 0.07 per cent points higher from the rate recorded in November (18.48 per cent).

“Communication and 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.”

The NBS stated in the report 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 the previous month.

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 from 0.79 per cent in the same period.

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