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Figures from the Consumer Price Index report for December 2020 supplied by the National Bureau of Statistics, NBS shows an inflation rate of 15.75% (year-on-year) in Nigeria.
The number exceeds the November inflation rate of 14.89% by 0.86% points, the report explains. With a month-on-month increase of 1.61%, it beats November’s, 1.60% (against October) by 0.01%.
The percentage change in the average composite CPI for the twelve months period ending December
2020 over the average of the CPI for the previous twelve months period was 13.25%, representing a
0.33% point increase over 12.92% recorded in November 2020.
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Key Components of Nigeria’s Inflation Rate in December 2020
The Individual Consumption by Purpose (COICOP) has 12 divisions which all recorded an increase to yield the Headline index.
The report listed a 19.56% rise for food inflation in December in relation to 18.3% for November. The rise in the prices of cereals, potatoes, tubers like yam, meat, fish, oils and fats, fruits, vegetable and bread influenced food inflation in December 2020.
The highest rise in the food inflation rate were from Edo, Kogi, Sokoto states – 24.1%, 23.16%, 22.2% respectively.
Furthermore, there is the month-on-month record of food sub-index in December 2020 which was at 2.05%. This is an increase of 0.01% from 2.04% registered in November 2020.
Core inflation went up by 0.32% to be at 11.37% relative to the 11.06% recorded in November 2020. This excludes items generally subject to volatile prices.
The core sub-index increased by 1.10% in December 2020, 0.39% increase in relation to the 0.71% recorded in November 2020.
All items inflation in December 2020 were highest in:
- Bauchi – 19.85%
- Kogi State – 18.4%
- Edo – 18.1%
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Other components of the Nigerian Inflation rate
The urban inflation rate saw an increase from 15.47% in November to 16.33% (year-on-year) in December 2020 with an average percentage change of 13.86. The rural inflation rate increased from 14.33% in November 2020, to 15.20% in December with an average percentage change of 12.67%.
The year on year percentage change for the urban and rural indexes for December was higher than those of November which were 13.55 and 12.35 respectively.
Full data available on the latest Consumer Price Index report by the National Bureau of Statistics (NBS).
