Nigeria's Inflation Rate Jumps To15.63%

© Nigeria's Inflation Rate Jumps To15.63%
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The inflation rate has increased to 15.63 per cent in December 2021, up from 15.40 per cent recorded in November 2021. The rise in the inflation rate comes after the consumer price index, (CPI) dropped for eight consecutive months between April and November 2021. According to the latest CPI figure released on Monday by the National Bureau of Statistics (NBS), the increase represents a 0.75 per cent jump from the previous rate in November. On a year-on-year basis, the December rate is 0.13 per cent points lower than the rate recorded in December 2020 (15.75) per cent.

The Bureau also noted that the composite food sub-index rose by 17.37 per cent in December 2021. "The consumer price index, (CPI) which measures inflation increased by 15.63 per cent (year-on-year) in December 2021. This is 0.13 per cent points lower than the rate recorded in December 2020 (15.75) per cent," the NBS stated. "Increases were recorded in all COICOP divisions that yielded the Headline index. On a month-on-month basis, the Headline index increased by 1.82 per cent in December 2021, this is a 0.74 per cent rate higher than the rate recorded in November 2021 (1.08) per cent. READ ALSO : 3,185 Road Crashes Recorded In Q2 2021 - NBS According to the report, "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 a month-on-month basis, the Headline index increased by 1.82 per cent in December 2021, this is a 0.74 per cent rate higher than the rate recorded in November 2021 (1.08) per cent. The percentage change in the average composite CPI for the twelve months ending December 2021 increased by 16.95 per cent from 16.98 per cent over the average of the CPI for the previous twelve-month pe- riod recorded in November 2021 down by 0.03 per cent points. The urban inflation rate increased by 16.17 per cent (year-on-year) in December 2021 from 16.33 per cent recorded in December 2020, while the rural inflation rate increased by 15.11 per cent in December 2021 from 15.20 per cent in December 2020. "On a month-on-month basis, the urban index rose by 1.87 per cent in December 2021, up by 0.75 the rate recorded in November 2021 (1.12) per cent, while the rural index also rose by 1.77 per cent in December 2021, up by 0.73 the rate that was recorded in November 2021 (1.04) per cent. "The twelve-month year-on-year average percentage change for the urban index is 17.52 per cent in December 2021. This is lower than the rate reported in November 17.55 (percent), while the corresponding twelve- month (month-on-month) average percentage change for the rural index inflation rate in December 2021 stood at 16.40 per cent from 16.42 per cent in November 2021. "The composite food sub-index rose by 17.37 per cent in December 2021 down by 2.19 per cent points when compared to 19.56 per cent in December 2020. This rise in the food sub-index was caused by increases in prices of Bread and cereals, Food products 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 per cent in December 2021, up by 1.12 per cent points from 1.07 per cent recorded in November 2021.

According to the NBS, "the average annual rate of change of the Food sub-index for the twelve months ending December 2021 over the previous twelve-month average was 20.40 per cent, 0.22 per cent points lower from the average annual rate of change recorded in November 2021 (20.62) per cent. The ''All items less farm produce'' or Core inflation, which excludes the prices of volatile agricultural pro- duce stood at 13.87 per cent in December 2021, up by 2.50 per cent when compared with 11.37 per cent recorded in December 2020. On a month-on-month basis, the core sub-index increased by 1.12 per cent in December 2021.

This was down by 0.13 per cent when compared with 1.26 per cent recorded in November 2021. "The highest increases were recorded in prices of Gas, Liquid fuel, Wine, Actual and imputed rentals for housing, Narcotics, Tobacco, Spirit, Cleaning, repair and hire of clothing, Garments, Shoes and other footwear and Clothing materials, other articles of clothing and clothing accessories. The average annual rate of change of the All items less farm produce index was 13.16 per cent for the twelve-month period ending December 2021; this is 0.21 per cent points higher than 12.96 per cent recorded in November 2021," the Bureau added.

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