Tuesday, April 20, 2021

Inflation hits 18.55% as NBS blames cost of school fees, fuel, others

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Jaafar Jaafarhttps://dailynigerian.com/
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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The National Bureau of Statistics has released the Consumer Price Index, with inflation rate rising by 18.55 per cent in the month of December.

The bureau said in a report on Friday that 18.55 per cent is an increase of 0.07 percentage points over the 18.48 per cent recorded in the month of November.

The NBS report said the increase was caused by rise in the prices of electricity, housing, water, clothing, footwear, education, etc.

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“The Consumer Price Index which measures inflation increased by 18.55 per cent (year-on-year) in December 2016, 0.07 percent points higher from the rate recorded in November (18.48 per cent).

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“Communication and restaurants and hotels recorded the slowest pace of growth in December, growing at 5.33 per cent and 8.91 per cent (year-on-year) respectively.

“During the month, the highest increases were seen in housing, water, electricity, gas and other fuels, clothing and footwear, and education,” the report read in part.

The report further revealed that during the month, all major food sub-indexes increased, with soft drinks recording the slowest pace of increase at 7.66 per cent year on year.

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The report revealed that the urban index rose by 20.12 per cent (year-on-year) in December from 20.07 per cent recorded in November, while the rural index increased by 17.20 per cent in December from 17.10 per cent in November.

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On month-on- month basis, the urban index rose by 1.08 per cent in December from 0.78 per cent recorded in November, while the rural index rose by 1.04 per cent in December from 0.79 per cent recorded in November.

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