December 2018: Inflation Increases To 11.44 Percent, Abuja Tops Food Inflation At 16.50 Percent

By CLEMENT NWOJI, Abuja

The National Bureau of Statistics (NBS) Consumer Price Index (CPI) for the month of December, 2018 report showed slight increase in inflation at 11.44 percent as against 11.28 percent recorded in November, 2018.

This is 0.16 percent points higher than the rate recorded in November 2018 (11.28)
percent.

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.

Specifically, the Bureau said in December 2018, food inflation on a year on year basis was highest in Abuja (16.50%), Bayelsa (16.23%) and Nasarawa (16.15%), while Oyo (10.79%), Cross River (10.57%) and Ogun (10.46%) recorded the slowest rise in food inflation.

While on month on month basis however, December 2018 food inflation was highest in Yobe (2.40%), Kebbi and Zamfara (2.36%) and Kaduna (2.35%), while Cross River, Edo, Kwara, Ogun and Oyo all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in December 2018.

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.