Isaac Anumihe, Abuja
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 2018” NBS, said.