Consumer Price Index measures inflation
Inflation rate in Nigeria keeps rising to 11.44 percent
Nigeria’s inflation rate in Nigeria has continued to rise, as reflected in the country’s Consumer Price Index (CPI) despite promises of stabilising the economy by the Muhammadu Buhari led administration.
CPI increased to 11.44 percent in December 2018, the National Bureau of Statistics said on Wednesday.
The increase, the bureau said, is 0.16 percent points higher than the rate recorded in November 2018.
The nation recorded 11.28 per cent inflation rate in November.
In its CPI and Inflation report released Wednesday, the NBS said increases were recorded in all COICOP divisions that yielded the Headline index. COICOP refers to the Classification of individual consumption by purpose.
On month-on-month basis, the Headline index increased by 0.74 percent in December 2018, up by 0.06 percent points from the rate recorded in November 2018 (0.80) percent.
The percentage change in the average composite CPI for the twelve months period ending December 2018 over the average of the CPI for the previous twelve months period was 12.10 percent, showing 0.31 percent point from 12.41 percent recorded in November 2018.
The report revealed also that urban inflation rate increased by 11.73 percent (year-on-year) in December 2018 from 11.61 percent recorded in November 2018, while the rural inflation rate increased by 11.18 percent in December 2018 from 10.99 percent in November 2018.
On a month-on-month basis, the urban index rose by 0.76 percent in December 2018, down by 0.07 from 0.83 percent recorded in November 2018, while the rural index also rose by 0.72 percent in December 2018, down by 0.06 percent from the rate recorded in November 2018 (0.78) percent.