Nigeria’s rinflation rate rose 11.44
per cent in December, 2018, moved
up (year-on-year), making it the
third time in three months when
such increases were recorded. In
November 2018, inflation rose to
11.28 per cent from October’s 11.26
per cent, while in September, 2018,
it rose again by 11.28 per cent.
In a statement on this development,
the National Bureau of Statistics
(NBS), said that increases in
December were recorded in all
(classification of individual
consumption by purpose) COICOP
divisions which yielded the headline
index.
COICOP is a classification used to
classify both individual consumption
expenditure and actual individual
consumption. According to the
statement, the increase is 0.16 per
cent points higher than the rate
recorded in November 2018 (11.28)
per cent. On month-on-month basis,
however, NBS said that the headline
index increased by 0.74 per cent in
December 2018, up by 0.06 per cent
points from the rate recorded in
November 2018 (0.80) per cent.
“The percentage change in the
average composite Consumer Price
Index (CPI) for the twelve months
period ending December 2018 over
the average of the CPI for the
previous twelve months period was
12.10 per cent, showing 0.31 per cent
point from 12.41 per cent recorded in
November 2018. The urban inflation
rate increased by 11.73 per cent
(year-on-year) in December 2018 from
11.61 per cent recorded in November
2018, while the rural inflation rate
increased by 11.18 per cent in
December 2018 from 10.99 per cent
in November 2018.
“On a month-on-month basis, the
urban index rose by 0.76 per cent in
December 2018, down by 0.07 from
0.83 per cent recorded in November
2018, while the rural index also rose
by 0.72 per cent in December 2018,
down by 0.06 per cent from the rate
recorded in November 2018 (0.78)
per cent.
The corresponding twelve-month year-
on-year average percentage change
for the urban index is 12.51 per cent
in December 2018. This is less than
12.83 per cent reported in November
2018, while the corresponding rural
inflation rate in December 2018 is
11.75 per cent compared to 12.05 per
cent recorded in November 2018â€
NBS, said.
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