Nigeria inflation rate increases to 18.55%, highest in 11 years

Nigeria Consumer Price Index which measures inflation has increased to 18.55 per cent in the month of December, the highest in 11 years.
The National Bureau of Statistics (NBS) in a report released on Friday said the 18.55 per cent is 0.07 percentage points above the 18.48 per cent recorded in the month of November.

The increase was attributed to increase in the price of electricity,water, education, housing, clothing, footwear .

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NBS report reads, “The Consumer Price Index which measures inflation increased by 18.55 per cent (year-on-year) in December 2016, 0.07 percent points higher from the rate recorded in November (18.48 per cent).

“Communication and restaurants and and hotels recorded the slowest pace of growth in December, growing at 5.33 per cent and 8.91 per cent (year-on-year) respectively.

“During the month, the highest increases were seen in housing, water, electricity, gas and other fuels, clothing and footwear, and education.”

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All major food sub- indexes increase during the month with soft drinks recording the slowest pace of increase at 7.66 per cent year on year.

According to the report, the urban index increased to 20.12 per cent (year-on-year) in December from 20.07 per cent in November.The rural index rose to 17.20 per cent in December from 17.10 per cent in November.

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