Nigeria’s inflation rate rises to 11.44%, up by 0.16%

The National Bureau of Statistics (NBS) has said that the Consumer Price Index (CPI), which measures inflation, increased to 11.44 per cent (year-on-year) in December 2018 compared to 11.28 per cent in the preceding month of November, according to

It stated that the 0.16 per cent points increase from November estimates resulted from increases recorded in all the divisions that constitute the headline index.

The urban inflation rate increased to 11.73 per cent (year-on-year) in December from 11.61 per cent in November, while the rural index increased to 11.18 per cent in December from 10.99 per cent in the preceding month.

It said the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

On a month-on-month basis, it said the headline index increased by 0.74 per cent in the period under review by 0.06 per cent points from the rate recorded in Nov. 2018 (0.80%).

NBS further stated that the percentage change in the average composite CPI for the 12 months period ended December over the average of CPI for the previous 12 months period.

It, however, measured the CPI at 12.10 per cent in the period under review, indicating a 0.31 per cent decline from 12.41 per cent recorded in November 2018.

According to the bureau, the urban inflation rate increased to 11.73 per cent (year-on-year) in December 2018 from 11.61% recorded in November of the same year.

It said the rural inflation rate also increased to 11.18 per cent  in December 2018 from 10.99 per cent in November 2018.