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Nigeria’s inflation rises by 15.75% in 2020 Q4

By News Desk,

the National Bureau of Statistics (NBS) has disclosed that the country’s inflation rose by 15.75 percent during the fourth quarter of 2020.

It explained that the consumer price index, (CPI) which measures inflation increased by 15.75 percent (year-on-year) in December 2020.

Through a report made available to newsmen on Friday, the NBS said that the increase represents 0.86 percent points higher than the rate recorded in November 2020 (14.89) percent.

It added that on a month-on-month basis, the headline index increased by 1.61 percent in December 2020. This 0.01 percent rate higher than the rate recorded in November 2020 (1.60 percent).

According to the report, 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 percent, representing a 0.33 percent point increase over 12.92 percent recorded in November 2020.

“On a month-on-month basis, the urban index rose by 1.65 percent in December 2020, same as the rate recorded in November 2020, while the rural index also rose by 1.58 percent in December 2020, up by 0.02 percent above the rate that was recorded in November 2020 (1.56 percent).

“The corresponding twelve-month year-on-year average percentage change for the urban index is 13.86 percent in December 2020. This is higher than 13.55 percent reported in November 2020, while the corresponding rural inflation rate in December 2020 was 12.67 percent compared to 12.35 percent recorded in November 2020.”

“The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.37 percent in December 2020, up by 0.32 percent when compared with 11.05 percent recorded in November 2020. The average 12-month annual rate of change of the index was 10.31 percent for the twelve-month period ending December 2020; this is 0.17 percent points higher than 10.14 percent recorded in November 2020. On a month-on-month basis, the core sub-index increased by 1.10 percent in December 2020. This was up by 0.39 percent when compared with 0.71 percent recorded in November 2020.

“The highest increases were recorded in prices of Passenger transport by air, Medical services, Hospital services, Shoes, and other footwear, Passenger transport by road, Miscellaneous services relating to the dwelling, Hairdressing salons, and personal grooming establishments, Repair of furniture, Vehicle spare parts, Pharmaceutical products, Motor cars, Maintenance and repair of personal transport equipment, Paramedical services, Motorcycle, Dental services, and Bicycles.”

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