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From Isaac Anumihe, Abuja
National Bureau of Statistics (NBS) yesterday announced that the inflation, which began its upward journey since 30 months ago increased again by 15.75 per cent (year-on-year) in December 2020. This is 0.86 per cent points higher than the rate recorded in November 2020 (14.89) percent.
This, stakeholders, attributed to demand pressure associated with the Yuletide period and the lingering effects of border closure, increase in VAT, electricity tariffs and the pump price of fuel. According to NBS, the corresponding twelve-month year-on-year average percentage change for the urban index is 13.86 per cent as at December 2020.
“This is higher than 13.55 per cent reported in November 2020, while the corresponding rural inflation rate in December 2020 was 12.67 per cent compared to 12.35 per cent recorded in November 2020.
“The percentage change in the average composite Consumer Price Index (CPI) for the twelve months period ending December 2020 over the average of the CPI for the previous twelve months period was 13.25 per cent, representing a 0.33 per cent point increase over 12.92 per cent recorded in November 2020. Increases were recorded in all Classifications of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.
