Economy

Inflation rises to 11.98% in December–NBS

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The National Bureau of Statistics (NBS) says Consumer Price Index, (CPI) which measures inflation, increased by 11.98 per cent year-on-year in December 2019.

The NBS made this known in its CPI and Inflation Report of December 2019 released on Friday.

NBS said the CPI report for December recorded an inflation rise by 0.13 per cent points compared to the 11.85 per cent rate recorded in November 2019.

“Increases were recorded in all Classification Of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

“On month-on-month basis, the headline index increased by 0.85 per cent in December 2019, this is 0.17 per cent rate lower than the rate recorded in November 2019 which was 1.02 per cent” it added.

According to the bureau, the percentage change in the average composite CPI for the 12 months period ending December 2019 over the average of the CPI for the previous 12 months period was 11.40 per cent.

This, the bureau said, showed 0.05 per cent point from 11.35 per cent recorded in November 2019.

The NBS said the highest increase recorded were oil and fats, fish, meat, potatoes, yam and other tubers as well as bread and cereals.

Edited by: Shuaib Sadiq/Maureen Atuonwu

Mustapha Sumaila

Mustapha Sumaila: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.ng. Disclaimer.

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