Inflation Rose To 9.6 Percent In December 2015 – NBS | Independent Newspapers Limited
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Inflation Rose To 9.6 Percent In December 2015 – NBS

Posted: Jan 18, 2016 at 6:31 pm   /   by   /   comments (0)

By Chibuzor Emejor


National Bureau of Statistics [NBS] says the Consumer Price Index (CPI) which measures inflation rose by 9.6 per cent in December 2015 from 9.4 per cent recorded in November.

A release on Monday  by the Statistician General of the Federation, Dr. Yemi Kale, said the Consumer  Price Index (CPI) which measures inflation rose by 9.6 percent (year-on-year), ), 0.2 percentage points from the 9.4 percent rate recorded in November.

The NBS explained
that the increase in the headline index was driven in part by higher prices within key divisions which contribute to the index.
The statistical agency  said, in particular, imported food items within the Food and Non Alcoholic Beverages Divisions; Alcoholic Beverage, Tobacco and Kola; Clothing and  Footwear and Transportation (as a result of intermittent Premium Motor Spirit supply shortages) divisions all impacted  the index.
According to NBS, “Food prices recorded significant pressures in December. The Food sub-index increased to 10.6% (year-on-year) during the month, 0.3% points from rates recorded in November.
“All major food groups which contribute to the Food sub-index increased at a faster pace during the month with the exception of the Milk, Cheese and Eggs group.
“Increases in the “All Items less Farm Produce” or Core sub-index rose at the same rate for the third consecutive month at 8.7%.
“The Core sub-index was weighted upon by slower increases in major divisions as Housing Water, Electricity, Gas and Other Fuels; and Furnishings and Household Equipment Maintenance continue to weigh on the index.
“On a month-on-month basis, the Headline Index increased at a faster pace for a second consecutive month.
“The index increased by 1.0%, 0.3% points higher from 0.7% in November. All indices which contribute to the Headline index increased at a faster
The NBS further explained that in December, the Urban index grew at at faster pace relative to November, increasing by 9.7% (year-on-year) from 9.4%.
The pace of increase recorded in December in the Rural Index was relatively muted, increasing from 9.3% in November to 9.4% in December. On a month-on-month basis, both the Urban and Rural indices increased at the same pace, both increasing at 1.0% in December, 0.3% points from 0.7% in November.
“The percentage change in the average composite CPI for the twelve-month period ending in December over the average of the CPI for the previous twelve-month period was 9.0%, marginally higher from 8.9% recorded in November.
“The corresponding twelve-month year-on-year average percentage change for the urban index increased from 8.9% in November to 9.1% in December, while the corresponding rural index also edged higher to 8.9% in December from 8.8% in November,”  it says.