Nigeria’s inflation climbs to 11.98%, highest rate in 19 months

Nigeria’s inflation climbs to 11.98%, highest rate in 19 months

- The Nigerian Bureau of Statistics (NBS) releases a new report indicating that inflation rate stood at 11.98% in December 2019

- The latest data from NBS shows that the December 2019 inflation rate is 0.13% points higher than the 11.85% recorded in November

- The report indicates that rural inflation rate increased to 11.41% in December 2019

The Nigerian Bureau of Statistics (NBS) has disclosed that the country’s inflation rate stood at 11.98% in December 2019, making it the highest inflation index in 19 months.

The data released by the bureau on Friday, January 17, showed that the December 2019 inflation rate was 0.13% points higher than the 11.85% recorded in November.

“On a month-on-month basis, the headline index increased by 0.85 per cent in December 2019, this is 0.17% points lower than the rate recorded in November 2019 (1.02%),” the report released by the NBS read.

“The urban inflation rate increased by 12.62 per cent (year-on-year) in December 2019 from 12.47% recorded in November 2019."

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The report stated that the rural inflation rate increased by 11.41% in December 2019 from 11.30 %in November 2019.

It said the composite food index rose by 14.67% in December 2019 compared to 14.48% in November 2019.

Core inflation, which excludes the prices of volatile agricultural produce stood at 9.33% in December 2019, up by 0.34% when compared with 8.99% recorded in November 2019," the data indicated.

The NBS explained that the rise in the food index was caused by increases in prices of bread, cereals, meat, fish, oils and fats, potatoes, yam and other tubers.

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According to the report, on a year-on-year basis, food inflation was highest in Sokoto (17.75%), Ogun (17.37%) and Plateau (16.75%), while Bayelsa (13.26%), Delta(12.72%) and Bauchi (12.19%) recorded the slowest.

Meanwhile, a former chairman of the ruling All Progressives Congress (APC), Bisi Akande, has scored the President Muhammadu Buhari administration high.

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Akande said the president, since assuming office in May 2015, has performed extremely well for all Nigerians.

Speaking to journalists in his country home at Ila-Orangun, during his 81st birthday celebration, Akande said the president is fulfilling all his campaign promises to the people of Nigeria.

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