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December inflation rate climbs to 18.55%

December inflation rate climbs to 18.55%

InflationThe National Bureau of Statistics (NBS) yesterday disclosed that the inflationary trend in the country continued to soar higher, even as it indicated that rate of inflation as at December 2016 was 18.55%, showing a year on year rising pattern.

According to figures released by the bureau and made available to The Guardian, the December rate of inflation was higher than that of November 2016 by 0.07%. The November inflation number was 18.48%.

The data released by the bureau also showed that there was cross cutting price increase in all divisions and sectors nationwide, just as it said prices in communications and restaurant, hotels and hospitality sector recorded slowest pace of growth within the period under review.

The report further held that the Food Index rose by 17.39 % (year-on-year) in December 2016, up by 0.20% points from rate recorded in November (17.19%). It stated also that during the month, all major food sub indexes increased, with Soft drinks recording the slowest pace of increase at 7.66 percent (year on year).

The bureau also maintained that price movements recorded by all items less farm produce or Core sub index rose by 18.10% (year-on-year) in December, down by 0.10% points from rate recorded in November (18.20%.

During the month, the highest increases were seen in Housing, Water, Electricity, Gas and Other Fuels, Clothing and Footwear, as well as Education, growing at 27.27%, 21.62% and 17.84% respectively.

Whereas, on a month-on-month basis, the Headline index rose by 1.06% in December, higher from the rate recorded in November (0.78%).

This post was syndicated from The Guardian NigeriaThe Guardian Nigeria. Click here to read the full text on the original website.

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