14 January 2017, Sweetcrude, Abuja – The National Bureau of Statistics (NBS) has disclosed an increase in the inflation rate in the national economy to 18.55 percent during the month of December 2016.
The information was contained in the Consumer Price Index report released by the Bureau, which measures inflation with the index rising by 18.55 per cent in the month of December.
The Bureau said the 18.55 percent is an increase of 0.07 percentage points over the 18.48 percent recorded in the month of November.
The NBS report attributed the increase to a rise in the price of electricity, housing, water, clothing, footwear and education.
It reads in part, “The Consumer Price Index which measures inflation increased by 18.55 percent (year-on-year) in December 2016, 0.07 percent points higher from the rate recorded in November (18.48 percent).
“Communication and restaurants and hotels recorded the slowest pace of growth in December, growing at 5.33 percent and 8.91 percent (year-on-year) respectively.
“During the month, the highest increases were seen in housing, water, electricity, gas and other fuels, clothing and footwear, and education.”
The NBS in the report stated that during the month, all major food sub- indexes increased, with soft drinks recording the slowest pace of increase at 7.66 per cent year on year.
The report stated that the urban index rose by 20.12 percent (year-on-year) in December from 20.07 percent recorded in November, while the rural index increased by 17.20 percent in December from 17.10 percent in November.
On a month-on- month basis, the urban index, it noted, rose by 1.08 percent in December from 0.78 percent recorded in November, while the rural index rose by 1.04 percent in December from 0.79 percent recorded in November.