The Nigeria’s Consumer price Index (CPI) which measures inflation, increased by 11.98% (year-on-year) in December 2019. This is 0.54% points higher than the rate recorded in December 2018 (11.44 %).
Inflation rose by 11.98% in December, higher than the rate (11.85%) recorded in November 2019 and 11.61% in October, rising for the fourth consecutive month.
The composite food index rose by 14.67% in December 2019 compared to 14.48% in November 2019. The rise in the food index was caused by increases in prices of Bread and cereals, Meat, Fish, Oils and fats, Potatoes, yam and other tubers.
Given the continuous stability in the exchange rates, the ''All items less farm produce'' or Core inflation, which excludes the prices of volatile agricultural produce rose by 0.34% to 9.33% in December 2019, from 8.99% when compared what was recorded in November 2019.
The CPI takes into account the average change over time in prices of goods and services consumed by people for day-to-day living.
Generally, the latest rise in inflation is partly traceable to the federal government’s closure of the county’s land borders. Basically, the closure has jacked up prices of household items like rice, frozen foods etc.
Data Source: Nigeria Bureau Statistics
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