Nigeria’s Consumer Price Index (CPI), which measures the rate of inflation hit an 11-year high at 18.55 percent in December 2016 from 18.48 percent in November.
With Nigeria’s inflation rate rising for every single month in 2016, the National Bureau of Statistics (NBS) inflation report on Friday put the highest increases in price were recorded in bread, cereals, fish, meat, oil and fat.
Asides food product, “the highest increases were seen in Housing, Water, Electricity, Gas and Other Fuels, Clothing and Footwear and Education, growing at 27.27, 21.62 and 17.84 percent respectively.
“The Composite Food Index rose by 17.39 percent in December 2016. The rise in the index was caused by increases in prices of Meat, Bread and cereals, Oil and Fats, Fish, vegetables, milk and cheese and eggs, fruits and Potatoes, yam and other tubers,” the NBS report read.
“On a month-on-month basis, the Food sub-index increased by 1.33 percent in December from the 0.88 percent recorded in November.”