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updated 10:20 AM UTC, Dec 13, 2023

Nigeria: Inflation Rate Hit 18.55% In December 2016

Unic Press UK: The rate of inflation in Nigeria hit 18.55% in December 2016, says the country’s National Bureau of Statistics (NBS).

NBS in its report said:

“The Consumer Price Index (CPI) which measures inflation increased by 18.55 percent (year-on-year) in December 2016, 0.07 percent points higher from the rate recorded in November (18.48 percent). Increases were recorded in all COICOP divisions that yield the Headline Index. Communication and Restaurants and Hotels recorded the slowest pace of growth in December, growing at 5.33 percent and 8.91 percent (year-on-year) respectively. The Food Index rose by 17.39 percent (year-on-year) in December 2016, up by 0.20 percent points from rate recorded in November (17.19) percent. During the month, all major food sub-indexes increased, with Soft Drinks recording the slowest pace of increase at 7.66 percent (year on year). Price movements recorded by All Items less farm produce or Core sub-index rose by 18.10 percent (year-onyear) in December, down by 0.10 percent points from rate recorded in November (18.20) percent. During the month, the highest increases were seen in Housing, Water, Electricity, Gas and Other Fuels, Clothing and Footwear and Education, growing at 27.27, 21.62 and 17.84 percent respectively. On a month-on-month basis, the Headline index rose by 1.06 percent point in December, higher from the rate recorded in November (0.78) percent.”

In November 2016, the rate of inflation was 18.48%. In October 2016 it peaked at 18.3%. The rising trend in inflation rate and other negative indices like depreciating Naira, do not foster business confidence.

 

 

 

 

 

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