Inflation rate inches up to 15.63 per cent ― NBS

The inflation rate for all items (Headline Inflation) in Nigeria for the month of December 2021 increased to 15.63 per cent, year-on-year, breaking an interesting trajectory of eight months consecutive decline from the month of April – November 2021.

The National Bureau of Statistics (NBS) who released the figures on Monday, in Abuja, said this is a decline when compared to the corresponding month in 2020 which recorded 15.75 per cent.

However, this trend clearly shows an increase from 15.40 per cent recorded in the month of November 2021 to 15.63 per cent in December 2021, representing 0.23 per cent points higher than the rate recorded in November 2021.

The change in the declining trend for about eight months might have been caused by the increase in prices of goods and services as a result of an increase in their demand during the month under review, being a festive season.

On a month-on-month basis, the Headline index increased by 1.82 per cent in December 2021, indicating 0.74 per cent higher than the rate recorded in November 2021, which was 1.08 per cent.

The Urban inflation rate increased to 16.17 per cent (year-on-year) in December 2021 from 16.33 per cent recorded in December 2020, down by 0.16 per cent points, while the rural inflation rate increased to 15.11 per cent in December 2021 from 15.20 per cent in December 2020, which was lower by 0.09 per cent points.

On a month-on-month basis, the urban index rose to 1.87 per cent in December 2021, which was higher by 0.75 per cent points of the rate recorded in November 2021 which was 1.12 per cent, while the rural index also rose to 1.77 per cent in December 2021, higher by 0.73 per cent points of the rate that was recorded in November 2021, which was 1.04 per cent.

The corresponding twelve-month year-on-year average percentage change for the urban index was 17.52 per cent in December 2021.

This is lower than the rate reported in November of the same year which was 17.55 per cent, while the corresponding twelve-month (month-on-month) average percentage change for the rural index inflation rate in December 2021 stood at 16.40 per cent from 16.42 per cent in November 2021.

Similarly, the composite food sub-index rose to 17.37 per cent in December 2021 which was lower by 2.19 per cent points when compared to 19.56 per cent in December 2020.

The NBS said this rise in the food sub-index was caused by increases in prices of Bread and cereals, Food products not elsewhere classified (n.e.c), Meat, Fish, Potatoes, yam and other tubers, Soft drinks and fruit.

On a month-on-month basis, the food sub-index increased to 2.19 per cent in December 2021, higher by 1.12 per cent points from 1.07 per cent recorded in November 2021.

The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.87 per cent in December 2021, which was higher by 2.50 per cent when compared with 11.37 per cent recorded in December 2020.

On a month-on-month basis, the core sub-index increased to 1.12 per cent in December 2021. This was lower by 0.13 per cent when compared with 1.26 per cent recorded in November 2021.

According to the NBS, the highest increases were recorded in prices of Gas, Liquid fuel, Wine, Actual and imputed rentals for housing, Narcotics, Tobacco, Spirit, Cleaning, repair and hire of clothing, Garments, Shoes and other footwear and Clothing materials, other articles of clothing and clothing accessories.

Food Inflation was highest in Kogi State with 22.82 per cent, while Edo State was the lowest with 13.24 per cent.

On the other hand, a State by State comparison shows that All Items was highest in Ebonyi State with 18.71 per cent, while Kwara State was recorded as the lowest with 12.32 per cent.

A comparison between the December and November 2021 figures shows that Headline Inflation for the month of December was 15.63 per cent, while that of November was 15.40 per cent; Core Inflation for December was 13.87 per cent, while that of November was 13.85 per cent, Food Inflation for December was 17.37 per cent, while 17.21 per cent was recorded for November 2021.

Urban Inflation for December was 16.17 per cent, while November recorded 15.92 per cent; Rural Inflation was 15.11 per cent and 14.89 per cent in December and November 2021 respectively.

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Inflation rate inches up to 15.63 per cent ― NBS