Nigeria’s headline inflation rate hits 11.98%. The Nigeria’s headline inflation for December settled at 11.95% year on year, the National Bureau of Statistics (www.nigeriastat.gov.ng) has said.
According to NBS, the consumer price index, (CPI) which measures inflation increased by 11.98% in December 2019.
It said this is 0.13% points higher than 11.85% recorded in November 2019.
According to the data released, increases were recorded in all classification of individual consumption according to purpose (COICOP) divisions that yielded the headline index.
Meanwhile, on month-on-month basis, the headline index increased by 0.85% in December 2019, this is 0.17% rate lower than the rate recorded in November 2019.
The percentage change in the average composite CPI for the twelve months period ending December 2019 over the average of the CPI for the previous twelve months period was 11.40 percent.
This shows 0.05% point from 11.35% recorded in November 2019.
Also reported is the urban inflation rate which increased by 12.62% year-on-year in December 2019 from 12.47% recorded in November 2019.
More so, NBS report shows that the rural inflation rate also increased by 11.41% in December 2019 from 11.30% in November 2019.
Also read: https://dmarketforces.com/nigerias-headline-inflation-hit-11-85/
On a month-on-month basis, the urban index rose by 0.90% in December 2019, down by 0.17 from 1.07% recorded in November 2019.
Then, the rural index also rose by 0.82% in December 2019, down by 0.16 from the rate recorded in November 2019.
The corresponding twelve-month average percentage change for the urban index is 11.83% in December 2019.
This is higher than 11.75% reported in November 2019, while the corresponding rural inflation rate in December 2019 is 11% compared to 10.98% recorded in November 2019.
By Julius Alagbe
