Nigeria: Inflation Rises To 11.4%

Headline inflation in Nigeria has risen by 0.74 per cent (month-on-month) in December 2018. What that means is that the nation’s inflation grew from  11.28 per cent in November to 11.44 per cent in December, figures released by the National Bureau of Statistics (NBS) yesterday, has shown.

The increase was majorly recorded in consumables including meat, bread and cereals, milk, fish, vegetables and cooking oil due to the December yuletide.

Food sub-index in December rose by 0.81 per cent or 13.58 per cent from 13.30 in November 2018.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is targeting a single digit – nine per cent headline inflation to reduce official interest rate it has left in 14 per cent for about two years.

Urban inflation rose from 11.61 per cent in November to 11.73 per cent. That is 0.76 per cent increase (month-on-month). Similarly, Rural headline inflation rose from 10.99 in November to 11.18 per cent in December or 0.72 per cent.

Core-sub index in December rose to 9.80 per cent, representing 0.50 per cent, with Tobacco, clearing and domestic services, among others accounting for the recorded increase.

The inflation rate is usually measured by Consumer Purchasers Index (CPI) which measures the average change overtime in prices of goods and services consumed by people for day-to-day living.

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