Nigerian Inflation Hits 7-Month High

The consumer price index, (CPI) which measures inflation, increased by 11.44% (year-on-year) in December 2018; a 0.16% increase from the 11.28% recorded in November, according to data released by the National Bureau of Statistics on Wednesday.

According to the December 2018 CPI/Inflation report, all the divisions that contribute to the headline index recorded an upward movement.

This is the first time in seven months that inflation would reach such levels, after it peaked at 11.66% in May 2018.

“The urban inflation rate increased by 11.73% (year-on-year) in December 2018 from 11.61% recorded in November 2018, while the rural inflation rate increased by 11.18% in December 2018 from 10.99% in November 2018,” the report read.

“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.”

For the states, Bayelsa, Zamfara and Ekiti recorded the highest inflation rate while Cross River, Ogun and Kwara recorded the lowest increase in prices.

Food inflation was also highest in Abuja, Bayelsa and Nasarawa while Ogun, Cross River and Oyo

The CPI (Consumer Price Index) measures the average change over time in prices of goods and services consumed by people.

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