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Nigeria’s inflation rate hits 11.98 percent over rising food prices

Isola Moses

The National Bureau of Statistics (NBS) Consumer Price Index (CPI) and Inflation Report for December 2019 have indicated that Nigeria’s inflation increased by 11.98 per cent in December last year.

CPI, which measures inflation, had a 0.05 percent change for the 12-month period between January and December in the past year.

Reports say in the NBS report, the inflation rate was higher than the 11.85 per cent recorded in November 2019, resulting from the rise in the composite food index which rose by 14.67 percent in December.

“The consumer price index, (CPI) which measures inflation increased by 11.98 percent (year-on-year) in December 2019. This is 0.13 percent points higher than the rate recorded in November 2019 (11.85) percent.

“The urban inflation rate increased by 12.62 percent (year-on-year) in December 2019 from 12.47 percent recorded in November 2019, while the rural inflation rate increased by 11.41 percent in December 2019 from 11.30 percent in November 2019,” stated the report.

The rise in the food index, according to the report, was informed by increases in prices of bread and cereals, meat, fish, oils and fats, potatoes, yam, and other tubers.

“The average annual rate of change of the Food sub-index for the twelve-month period ending December 2019 over the previous twelve-month average was 13.74 percent, 0.09 percent points from the average annual rate of change recorded in November 2019 (13.65) percent.”

Food inflation by states on a year-on-year basis had Sokoto (17.75%), Ogun (17.37%) and Plateau (16.75%) record highest, whereas Bayelsa (13.26%), Delta (12.72%) and Bauchi (12.19%) recorded the slowest rise, the report noted.

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