• 0.16% higher than November rate
Latest report by the Nigerian Bureau of Statistics, (NBS) shows that the consumer price index, (CPI) which measures inflation increased by 11.44 percent (year-on-year) in December2018. This is 0.16 percent points higher than the rate recorded in November 2018 (11.28) percent.
The data shows that increases were recorded in all COICOP divisions that yielded the Headline index.
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 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.
The corresponding twelve-month year-on-year average percentage change for the urban index is 12.51 percent in December 2018. This is less than 12.83 percent reported in November 2018, while the corresponding rural inflation rate in December 2018 is 11.75 percent compared to 12.05 percent recorded in November 2018.
The composite food index rose by 13.56 percent in December 2018 compared to 13.30 percent in November 2018.
This rise in the food index was caused by increases in prices of soft drinks, Fish, Bread and Cereals, Oils and fats, Coffee, tea and cocoa, Meat, Milk, Cheese and egg, Vegetables, Potatoes, yam and other tubers.
On month-on-month basis, the food sub-index increased by 0.81 percent in December 2018, down by 0.09 percent points from 0.90 percent recorded in November 2018.
The average annual rate of change of the Food sub-index for the twelve-month period ending December 2018 over the previous twelve-month average was 14.35 percent, 0.45 percent points from the average annual rate of change recorded in November 2018 (14.80) percent.

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