Nigeria’s headline inflation increased by 15.75 per cent (year-on-year) in December 2020, hitting a record high in recent years. Food inflation also jumped to a record 19.56 per cent according to data released by the National Bureau of Statistics (NBS) Friday.
The consumer price index figure for December is 0.86 per cent points higher than the rate recorded in November 2020 (14.89) per cent.
The percentage change in the average composite CPI for the twelve months ending December 2020 over the average of the CPI for the previous twelve months period was 13.25 per cent, representing a 0.33 per cent point increase over 12.92 per cent recorded in November 2020.
According to the NBS report posted on its website, urban inflation rate increased by 16.33 per cent (year-on-year) in December 2020 from 15.47 per cent recorded in November 2020, while the rural inflation rate increased by 15.20 per cent in December 2020 from 14.33 per cent in November 2020.
On a month-on-month basis, the urban index rose by 1.65 per cent in December 2020, same as the rate recorded in November 2020, while the rural index also rose by 1.58 per cent in December 2020, up by 0.02 per cent above the rate that was recorded in November 2020 (1.56 per cent).
The corresponding twelve-month year-on-year average percentage change for the urban index is 13.86 per cent in December 2020. This is higher than 13.55 per cent reported in November 2020, while the corresponding rural inflation rate in December 2020 was 12.67 per cent compared to 12.35 per cent recorded in November 2020.