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Nigeria’s inflation rises after eight-month decline: NBS

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Nigeria’s inflation rises after eight-month decline: NBS by : 2:39 pm On January 18, 2022

Nigeria’s inflation rises after eight-month decline: NBS

The National Bureau of Statistics (NBS) on Monday, said that Nigeria’s inflation rate rose to 15.63 per cent in December 2021, a 0.2 per cent increase from 15.40 recorded in November.

Statistician-General of the Federation, Simon Harry, gave the figure on Monday in Abuja at a news conference to announce the Consumer Price Index (CPI) for December 2021.

Mr Harry said there was a 0.16 per cent increase from the 17.21 per cent recorded for food inflation in November 2021. He said bread, cereals, meat, fish, other food items accounted for rising in food inflation in December, after an eight-month decline.

He said that headline inflation rose by 0.23 per cent in December from 15.40 per cent in November due to increase in prices of goods and services as a result of the increase in demand in the festive season.

He added that the nation had maintained a consecutive decline in the year-on-year headline inflation for a period of eight months from April to November.

“The change in the declining trend for about eight months might have been caused by the increase in prices of goods and services as a result of an increase in their demand during the month under review, being a festive season.”

Mr Harry, however, said that on a month-on-month basis, the headline index increased by 1.82 per cent in December, being 0.74 per cent rate higher than the rate recorded in November, which stood at 1.08 per cent.

“The urban inflation rate increased to 16.17 per cent (year-on-year) in December from 16.33 per cent recorded in December 2020, down by 0.16 per cent, while the rural inflation rate increased to 15.11 per cent in December, 2021 from 15.20 per cent in December 2020, which was lower by 0.09 per cent points.

“The corresponding 12-month year-on-year average percentage change for the urban index was 17.52 per cent in December, 2021.

“This is lower than the rate reported in November of the same year which was 17.55 per cent, while the corresponding 12-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.”

The Statistician-General said that the ‘’all items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.87 per cent in December 2021, higher by 2.50 per cent when compared with 11.37 per cent recorded in December 2020.

He added that on a month-on-month basis, the core sub-index increased to 1.12 per cent in December, lower by 0.13 per cent when compared with 1.26 per cent recorded in November.

“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.

“Others are garments, shoes and other footwear and clothing materials, other articles of clothing and clothing accessories.”

Mr Harry said that on State-by-State comparison, all Items was highest in Ebonyi at 18.71 per cent, while Kwara recorded the lowest at 12.32 per cent.

On the other hand, food inflation was highest in Kogi at 22.82 per cent, while Edo was the lowest at 13.24 per cent.

He, however, said that he envisages a gradual decline in the figures from January 2022 as prices of goods and services were expected to begin to reduce.

(NAN)

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