Just in: Nigeria’s Inflation rate increases in December 2018 - NBS

- The NBS has released the Consumer Price Index (CPI) for the month of December, 2018 tagged “CPI and Inflation Report’’

- According to the data, Nigeria's inflation increased to 11.44% (year-on-year) in December 2018 from 11.28% recorded in November of the same year

- The figure was 0.16% points higher than the rate recorded in November in the period under review

The National Bureau of Statistics (NBS), says the Consumer Price Index (CPI) which measured inflation increased to 11.44% (year-on-year) in December 2018 from 11.28% recorded in November 2018.

The NBS disclosed this in its “CPI and Inflation Report’’ for December released in Abuja on Wednesday, January 16, on its website, the News Agency of Nigeria (NAN) reports.

The bureau said the figure was 0.16% points higher than the rate recorded in November in the period under review.

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It said the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

On a month-on-month basis, it said the headline index increased by 0.74% in the period under review by 0.06% points from the rate recorded in Nov. 2018 (0.80%).

It said the percentage change in the average composite CPI for the 12 months period ended December over the average of CPI for the previous 12 months period.

It, however, measured the CPI at 12.10% in the period under review, indicating a 0.31% decline from 12.41% recorded in November 2018.

According to the bureau, the urban inflation rate increased to 11.73% (year-on-year) in December 2018 from 11.61% recorded in November of the same year.

It said the rural inflation rate also increased to 11.18% in December 2018 from 10.99% in November 2018.

On a month-on-month basis, the NBS said the urban index rose by 0.76% in the period under review, showing a decline of 0.07% from 0.83% recorded in November 2018.

Similarly, it said the rural index also rose by 0.72% in December 2018, indicating a decrease of 0.06% from the rate of 0.78% recorded in November 2018.

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Meanwhile, Legit.ng previously reported that the NBS, in one of its previous quarterly reports, said not less than 14 sectors of the economy suffered a decline of about $3.45 billion, approximately N1.05 trillion, in investment inflow between the first and third quarter of 2018.

The share dropped from $6.3 billion in March 2018 to $2.85 billion, with the banking sector suffering a decline of $891 million from $1.18 billionn to $289.4 million.

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Source: Legit.ng