Inflation rises to 15.75 percent

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Inflation rises 15.75

Nigeria’s consumer price index, (CPI), the key measure of national inflation increased to 15.75 per cent in December 2020, according to Data released by the Nigerian Bureau of Statistics.

NBS in its monthly report published on Friday said the increase was 0.86 per cent points higher than the rate recorded in November 2020 (14.89) per cent.

The statistical bureau explained that inreases were equally recorded in all the Classification of Individual Consumption According to Purpose (COICOP) divisions which yielded the Headline index year-on-year.

It said that the Headline index increased by 1.61 percent in December 2020, a 0.01 percent rate higher than the 1.60 percent rate recorded in November.

According to the bureau, the percentage change in the average composite CPI for the twelve months period ending December 2020 over the average of the CPI for the previous twelve months period was 13.25 percent. The figure represents a 0.33 percent point increase over 12.92 percent recorded in November 2020.

The report showed that urban inflation rate also increased in December by 16.33 percent (year-on-year) in December 2020 from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 15.20 percent in December 2020.

On a month-on-month basis, the urban index rose by 1.65 percent in December 2020, same as the rate recorded in November 2020, while the rural index also rose by 1.58 percent in December 2020, up by 0.02 percent above the rate that was recorded in November 2020 (1.56 percent).

The corresponding twelve-month year-on-year average percentage change for the urban index is 13.86 percent in December 2020.

This is higher than 13.55 percent reported in November 2020, while the corresponding rural inflation rate in December 2020 was 12.67 percent compared to 12.35 percent recorded in November 2020.