Business

CPI: Commodity Prices Heighten Inflation to 15.63 Percent in December

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3 years ago

January 18, 2022

Earth News

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The National Bureau of Statistics (NBS) has disclosed that the Consumer Price Index which measures the level of inflation rose to 15.63 percent in December compared to 15.40 percent in November.

For eight months, the headline index had maintained steady decline. That is, from April 2021 to November 2021, before returning to the upward trajectory in December.

Year-on-year, the composite food sub-index stood at 17.37 per cent compared to 19.56 per cent in December, 2020.

As sighted yesterday, the rise in the food sub-index was caused by increases in prices of bread and cereals, food product not elsewhere classified (n.e.c), meat, fish, potatoes, yam and other tuber, soft drinks and fruit.

On month-on-month basis, the food index increased to 2.19 per cent from 1.07 per cent in November.

On the other hand, core inflation which excludes the prices of volatile agricultural produce increased to 13.87 per cent compared to 11.37 per cent in the preceding month.

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Inflation stood at 18.12 per cent in April, 17.93 in May, 17.75 per cent June, 17.38 per cent in July, 17.01 in August, 16.63 per cent in September, 15.99 in October and 15.40 per cent in November.

According to the CPI figures for December, the 0.23 per cent increase was occasioned by the increase in prices of goods and services as a result of increase in their demand during the month under review, being a festive season.

Month-on-month basis, the headline index increased by 1.82 per cent in December which is 0.74 per cent higher than the 1.08 per cent recorded in the preceding month.

However, the urban inflation rate stood at 16.17 per cent (year-on-year) compared to 16.33 per cent recorded in December 2020, while the rural index moderated to 15.11 per cent in December from 15.20 per cent 2020.