Nigeria’s Inflation Rate Surges to 11.98% in December
UMORU ABDULKADIR
Nigeria’s inflation rate rose year on year from 11.44% as at the end of 2018 to 11.98% by December 2019 as disclosed in the latest inflation report released by the National Bureau of Statistics (NBS) on Friday.
The report revealed that month-on-month inflation rose by 0.13 index points to 11.98 per cent in December, higher than the rate 11.85 per cent reported in November 2019 and 11.61 per cent in October, thus, rising for the 4th consecutive month.
Consequently, food inflation, rose by 14.67 per cent in December 2019 compared to 14.48 per cent recorded in November 2019, impacted by increases in prices of Bread and cereals, Meat, Fish, Oils and fats, Potatoes, yam and other tubers.
Similarly, on a month-on-month basis, the food sub-index grew by 0.97 per cent in December 2019, down by 0.28 per cent points from 1.25 per cent recorded in November 2019 with the average annual rate of change of the Food sub-index for the twelve-month period ending December 2019 standing at 13.74 per cent from November 2019 13.65 per cent.
Core inflation (All items less farm produce), which excludes the prices of volatile agricultural produce also grew 9.33 per cent in December 2019, up by 0.34 per cent when compared with 8.99 per cent reported in November 2019 while the core inflation sub-index on a month-on-month basis increased by 0.81 per cent in December from 0.79 per cent of November 2019.
Correspondingly, the average 12-month annual rate of change of the index was 9.15 per cent for the twelve-month period ending December 2019; this is 0.04 per cent points lower than 9.19 per cent recorded in November 2019.
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