The inflation rate in Nigeria has increased to 15.63% according to the latest data released on Monday by the National Bureau of Statistics (NBS) based on the Consumer Price Index (CPI).
According to the bureau, the figure which stood at 15.40% previously as of November 2021, increased by 0.23% to now stand at 15.63% for December 2021.
According to the NBS report, the CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.
The construction of the CPI combines economic theory, sampling, and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.
The report obtained by Naija News from the NBS website reads: “The consumer price index, (CPI) which measures inflation increased by 15.63 percent (year-on-year) in December 2021. This is 0.13 percent points lower than the rate recorded in December 2020 (15.75) percent.
“This is showing slowing down in the rate when compared to the corresponding period of 2020 .
“Increases were recorded in all COICOP divisions that yielded the Headline index. On month-on-month basis,
the Headline index increased by 1.82 percent in December 2021, this is 0.74 percent rate higher than the rate
recorded in November 2021 (1.08) percent.
“The percentage change in the average composite CPI for the twelve-month period ending December 2021
increased by 16.95 percent from 16.98 percent over the average of the CPI for the previous twelve-month period recorded in November 2021 down by 0.03 percent points.
“Urban inflation rate increased by 16.17 percent (year-on-year) in December 2021 from 16.33 percent recorded in December 2020, while the rural inflation rate increased by 15.11 percent in December 2021 from 15.20
percent in December 2020.
“On a month-on-month basis, the urban index rose by 1.87 percent in December 2021, up by 0.75 the rate
recorded in November 2021 (1.12) percent, while the rural index also rose by 1.77 percent in December 2021,
up by 0.73 the rate that was recorded in November 2021 (1.04) percent.
“The twelve-month year-on-year average percentage change for the urban index is 17.52 percent in December 2021. This is lower than the rate reported in November 17.55 (percent), while the corresponding twelvemonth (month-on-month) average percentage change for rural index inflation rate in December 2021 stood
at 16.40 percent from 16.42 percent in November 2021.”