Friday, January 13, 2017 6.03 PM/NBS
All Items Index
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-on-year) 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.
The Urban index rose by 20.12 percent (year-on-year) in December from 20.07 percent recorded in November, and the Rural index increased by 17.20 percent in December from 17.10 percent in November. On month-on-month basis, the urban index rose by 1.08 percent in December from 0.78 percent recorded in November, while the rural index rose by 1.04 percent in December from 0.79 percent in November.
The percentage change in the average composite CPI for the twelve-month period ending in December 2016 was 15.7 percent, higher from the 15.0 percent recorded in November 2016. The corresponding twelve-month year-on-year average percentage change for the urban index increased from 16.19 percent in November to 17.05 percent in December, while the corresponding rural index also increased from 13.90 percent in November to 14.54 percent in December.
The Composite Food Index rose by 17.39 percent in December 2016. The rise in the index was caused by increases in prices of Meat, Bread and cereals, Oil and Fats, Fish, vegetables, milk and cheese and eggs, fruits and Potatoes, yam and other tubers.
On a month-on-month basis, the Food sub-index increased by 1.33 percent in December from the 0.88 percent recorded in November.
The average annual rate of change of the Food sub-index for the twelve-month period ending in December 2016 over the previous twelve-month average was 14.95 percent, 0.56 percent points from the average annual rate of change recorded in November (14.39 percent).
All Items Less Farm Produce
The ‘’All Items Less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural produce eased by 18.1 percent during the month, 0.10 percent points from 18.2 percent recorded in November as all key divisions which contributes to the index increased.
On a month-on-month basis, the Core sub-index also eased by 0.62 percent in December, down by 0.09 percent points from 0.71 percent recorded in November. The highest month on month increases were recorded in clothing materials and other articles of clothing, passenger transport by sea, hairdressing salons and personal grooming establishments, passenger transport by road, passenger transport by air, motor cycles and wine.
The average 12-month annual rate of rise of the index was recorded at 15.31 percent for the twelve-month period ending in December 2016, 0.77 percent points higher from the twelve-month rate of change recorded in November.
Click Here to Download Full Report
1. CPI Rises to 18.48% in November, 0.15% Higher Than 18.33% October Rate
2. Nigeria: Inflation Rate to Retract
3. Headline Inflation Set to Decline to 18.3%, First Drop in 14 Months
4. FDC Aligns With FSDH, Projects Headline Inflation To Creep Up To 18.4%
5. November Inflation Rate to Increase Further to 18.45%
6. Inflation Growth Defies All CBN MPC Decisions
7. Nigeria’s Consumer Price Index Rises to 18.3% in October 2016
8. Average Kerosene Price Increases to N292.73 in Oct’16 from N288.68 in Sep'16
9. Average Diesel Price Drops to N187.25 in Oct’16 from N192.69 in Sep'16
10. Average Petrol Price Drops to N145.9 in Oct'16 from N146.3 in Sep'16
11. October 2016 Inflation Rate to Increase Further to 18.17% - FSDH
12. Inflation to Maintain Its Upward Trajectory; to Rise to 18.2% - FDC
13. CPI Rises to 17.9% in September, 0.24% Higher Than 17.6% August Rate
14. Inflation Moving In The Right Direction
15. Headline Inflation projected to reach 18% - FDC
16. FSDH Expects September Inflation Rate to Increase further to 18.14%
17. Another welcome slowdown in month-on-month inflation