Increasing Food Prices Force Nigeria’s Inflation Rate To 11.98 Percent

Food Price in Nigeria

 

Nigeria’s inflation increased by 11.98 per cent in December 2019, higher than the 11.85 per cent recorded in November.

This is due to the rise in the composite food index which rose by 14.67 per cent in December.

The consumer price index, (CPI) which measures inflation witnessed a 0.05 percentage change for the twelve months period which ended in December 2019.

Food Price in Nigeria

This is according to the National Bureau of Statistics (NBS) CPI and Inflation Report for December 2019.

“The consumer price index, (CPI) which measures inflation increased by 11.98 per cent (year-on-year) in December 2019. This is 0.13 per cent points higher than the rate recorded in November 2019 (11.85) per cent.

“The urban inflation rate increased by 12.62 per cent (year-on-year) in December 2019 from 12.47 per cent recorded in November 2019, while the rural inflation rate increased by 11.41 per cent in December 2019 from 11.30 per cent in November 2019.”

The report stated that the rise in the food index was caused by increases in prices of Bread and cereals, Meat, Fish, Oils and fats, Potatoes, yam, and other tubers.

“The average annual rate of change of the Food sub-index for the twelve-month period ending December 2019 over the previous twelve-month average was 13.74 per cent, 0.09 per cent points from the average annual rate of change recorded in November 2019 (13.65) per cent.”

Food inflation by states on a year on year basis had Sokoto (17.75%), Ogun (17.37%) and Plateau (16.75%) record highest, while Bayelsa (13.26%), Delta(12.72%) and Bauchi (12.19%) recorded the slowest rise.

Source: Channel TV

Food Price in Nigeria

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