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Inflation Rate Hits 11.98%, Highest In 19 Months, Says NBS

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The consumer price index, which measures inflation rate, stood at 11.98per cent in December 2019.

This is 0.13 percentage points higher than the 11.85 per cent recorded in November.

This is the highest point the index has reached in 19 months.

“On month-on-month basis, the headline index increased by 0.85 per cent in December 2019, this is 0.17 percentage points lower than the rate recorded in November 2019 (1.02 per cent),” the report, which was released by the National Bureau of Statistics (NBS)on Friday, read.

“The urban inflation rate increased by 12.62 per cent (year-on-year) in December 2019 from 12.47 per cent recorded in November 2019.

“The rural inflation rate increased by 11.41 per cent in December 2019 from 11.30 per cent in November 2019.

“The composite food index rose by 14.67 per cent in December 2019 compared to 14.48 per cent in November 2019. “Core inflation, which excludes the prices of volatile agricultural produce stood at 9.33 per cent in December 2019, up by 0.34 per cent when compared with 8.99 per cent recorded in November 2019.”

According to the report, the rise in the food index was caused by increases in prices of bread, cereals, meat, fish, Oils and fats, potatoes, yam and other tubers.

On a year-on-year basis, food inflation was highest in Sokoto (17.75 per cent), Ogun (17.37 per cent) and Plateau (16.75 per cent), while Bayelsa (13.26 per cent), Delta(12.72 per cent) and Bauchi (12.19 per cent) recorded the slowest rise.

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