Nigeria’s Inflation Rate Rises To 11.98% In December 2019

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National Bureau of Statistics
National Bureau of Statistics

For the fourth consecutive month, Nigeria’s inflation rate climbed to 11.98% in December 2019 as food prices continue to skyrocket due to border closures.

The latest figure is 0.13% points higher than the rate recorded in November 2019 (11.85%).

The Nigerian Bureau of Statistics (NBS) stated this in its consumer price index (CPI) report for December 2019 released in Abuja on Friday, January 17, 2019.

According to the report, increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the Headline index.

“On a month-on-month basis, the Headline index increased by 0.85 percent in December 2019, this is 0.17% rate lower than the rate recorded in November 2019 (1.02%).

“The percentage change in the average composite CPI for the twelve-month ending December 2019 over the average of the CPI for the previous 12 months period was 11.40%, showing 0.05% point from 11.35% recorded in November 2019.”

Key highlights from the figures

*Food inflation rose by 14.67% in December 2019 compared to 14.48% in November 2019. This was caused by increases in prices of Bread and cereals, Meat, Fish, Oils and fats, Potatoes, yam and other tubers.

*Core inflation which excludes the prices of volatile agricultural produce increased to 9.33% in December 2019, up by 0.34% when compared with 8.99% recorded in November 2019.

*The urban inflation rate increased by 12.62% (year-on-year) in December 2019 from 12.47% recorded in November 2019

*Rural inflation rate increased by 11.41% in December 2019 from 11.30% in November 2019.