Breaking: Nigeria Inflation Rate Rises To 15.6% After Eight Months Decline

Nigeria inflation rate has risen to 15.6% after eight months decline says NBS.

 

 

NewsOnline reports that the National Bureau of Statistics, NBS, said inflation rate rose to 15.6 percent in December last year, after recording eight months consecutive decline in 2021.

 

This represents 0.2 percent point rise when compared with 15.4 percent recorded in November 2021.

The Bureau disclosed this today in its consumer price index, (CPI) report for December 2021 noting that the food price index also rose by 0.16 per cent points to 17.37 per cent from 17.21 per cent in November 2021.

 

The report stated: “The CPI which measures inflation increased by 15.63 percent (year-on-year) in December 2021. This is 0.13 percent points lower than the rate recorded in December 2020 (15.75) percent. This is showing slowing down in the rate when compared to the corresponding period of 2020 . Increases were recorded in all COICOP divisions that yielded the Headline index.

“On month-on-month basis, the Headline index increased by 1.82 percent in December 2021, this is 0.74 percent rate higher than the rate recorded in November 2021 (1.08) percent.

 

“The percentage change in the average composite CPI for the twelve-month period ending December 2021 increased by 16.95 percent from 16.98 percent over the average of the CPI for the previous twelve-month pe-riod recorded in November 2021 down by 0.03 percent points.

“Urban inflation rate increased by 16.17 percent (year-on-year) in December 2021 from 16.33 percent record-ed in December 2020, while the rural inflation rate increased by 15.11 percent in December 2021 from 15.20 percent in December 2020.

“On a month-on-month basis, the urban index rose by 1.87 percent in December 2021, up by 0.75 the rate recorded in November 2021 (1.12) percent, while the rural index also rose by 1.77 percent in December 2021, up by 0.73 the rate that was recorded in November 2021 (1.04) percent.”

On food inflation, NBS said: “The composite food sub-index rose by 17.37 percent in December 2021 down by 2.19 percent points when compared to 19.56 percent in December 2020.

 

“This rise in the food sub-index was caused by increases in prices of Bread and cereals, Food product n.e.c, Meat, Fish, Potatoes, yam and other tuber, Soft drinks and fruit.

 

“On a month-on-month basis, the food sub-index increased by 2.19 percent in December 2021, up by 1.12 percent points from 1.07 percent recorded in November 2021.

 

“The average annual rate of change of the Food sub-index for the twelve-month period ending December 2021 over the previous twelve-month average was 20.40 percent, 0.22 percent points lower from the aver-age annual rate of change recorded in November 2021 (20.62) percent.”