NIGERIA INFLATION INCREASED TO 9.6% IN DECEMBER

The National Bureau of Statistics (NBS) on Monday said the inflation rate in December 2015 rose to 9.6 per cent compared to the 9.4 per cent inflation rate in November.

This is contained in December 2015 Consumer Price Index (CPI)/ Inflation Report issued by the NBS in Abuja.
The report said the pace of increases recorded by CPI which measures inflation increased for the second consecutive month.
“The Headline Index increased by 9.6 per cent (year-on-year), 0.2 per cent points higher from rates recorded in November.
“The increase in the headline index is driven in part by higher prices within key divisions which contribute to the index.
“In particular, imported food items within the food and non-alcoholic beverages divisions, alcoholic beverage, tobacco and kola, clothing and footwear and transportation divisions all impacted the index,’’ it said.
According to the report, food prices record significant pressures in December.

It said that the food sub-index increased to 10.6 per cent (year-on-year) during the month, 0.3 per cent points from rates recorded in November.
“All major food groups, which contribute to the food sub index, increase at a faster pace during the month with the exception of the milk, cheese and eggs group.’’
Meanwhile, the Urban Index grew at faster pace relative to November, increasing by 9.7 per cent (year-on-year) from 9.4 per cent.
It said that the pace of increase recorded in December in the Rural Index was relatively muted, increasing from 9.3 per cent in November to 9.4 per cent in December.
On a month-on-month basis, it said that both the urban and rural indices increased at the same pace, both increasing at 1.0 per cent in December, 0.3 per cent points from 0.7 per cent in November.
(NAN)