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Inflation hits roof at 15.75% December –NBS

Nigeria’s inflation figure skyrocketed again in the month of December 2020, hitting 15.75 per cent as against November figure of 14.89 per cent. This was confirmed yesterday by the National Bureau of Statistics (NBS).

The rise in figure was caused by hike in food stuff prices representing the fifth year inflation exceeded the Central Bank of Nigeria’s target to cut surging prices between six per cent and nine per cent. With the new surge, Nigeria has seen inflation rise over a year period by 29.8 per cent up from the 12.13 per cent recorded in January 2020. The food inflation rose to 19.56 per cent in December 2020 compared to 18.30 per cent in November 2020.

The rise in the food index was induced by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish and oils and fats. The percentage change in the average composite Consumer Price Index for the 12 months period ending December 2020 over the average of the CPI for the previous 12 months period was 13.25 per cent, NBS said. Urban inflation rate increased by 16.33 per cent, while rural rose to 15.2 per cent. The outbreak of COVID – 19 pandemic which came with crippling effect, include shutting down of activities, led to hike in both price of food items and social services.

There is also as headers and farmers crises which hindered farmers’ access to their farms. The federal government has lifted its 2019 directive to close its land borders to neighbouring countries.

Inflation varies from state to state during the month under review “In analysing price movements under this section, NBS noted that the CPI is weighted by consumption expenditure patterns which differ across states.

Accordingly, the weight assigned to a particular food or non-food item may differ from state to state”, NBS said. In December 2020, all items inflation on year on year basis was highest in Bauchi (19.85%), Edo (18.15%) and Kogi (18.40%), while Lagos (14.05%), Kwara (13.91%) and Abia (13.30%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis, however, December 2020 all items inflation was highest in Nasarawa (2.30%), Gombe (2.20%) and Akwa Ibom (2.16%), while Ekiti (0.87%), River (0.67%) and Ebonyi (0.61%) recorded the slowest rise in headline month on month inflation. For food inflation, food inflation on a year on year basis was highest in Edo (24.14%), Kogi (23.14%) and Sokoto (22.24%), while Bauchi (16.53%), Abia (16.04%) and Nasarawa (15.71%) recorded the slowest rise. On month on month basis, however, December 2020 food inflation was highest in Edo (3.68%), Benin (3.48%) and Gombe (3.00%), while River (0.93%), Osun (0.59%) and Ekiti (0.24%) recorded the slowest rise.

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