14 January 2017
The National Bureau of Statistics (NBS) on Friday disclosed that the Consumer Price Index (CPI) which measures inflation has risen for the fifteenth straight month.
The rate increased to 18.55 per cent (year-on-year) in December last year compared to 18.48 per cent in the previous month.
The NBc attributed the 0.07 per cent hike in the headline index to price increases observed in all the divisions which determine the index.
According to the CPI figures for the month under review, Housing, Water, Electricity, Gas and Other Fuels, Clothing and Footwear and Education recorded the highest increases while Communication and Restaurants and Hotels recorded the slowest pace of growth in December, growing at 5.33 per cent and 8.91 per cent (year-on-year) respectively.
The Food Index rose by 17.39 per cent (year-on-year) in December 2016, up by 0.20 per cent points from rate recorded in November (17.19) per cent.
According to the NBS, all major food sub-indexes increased, with Soft Drinks recording the slowest pace of increase at 7.66 per cent (year-on-year).
Price movements recorded by all items less farm produce or core sub-index rose by 18.10 per cent (year-on-year) in December, down by 0.10 per cent points from rate recorded in November (18.20) per cent.
However, Urban index rose by 20.12 per cent (year-on-year) in December from 20.07 per cent recorded in November, while the rural index increased by 17.20 per cent in November.
On month-on-month basis, the urban index rose by 1.08 per cent in December from 0.78 per cent recorded in November, while the rural index rose by 1.04 per cent in December from 0.79 per cent in November.
In a related development, the Naira fell against the United States dollar to N497/$ on the parallel market yesterday, weaker than the N495 to the dollar it closed the previous day. The nation currency has been on the decline since Tuesday on the parallel market, losing N2 per day.