Nigeria’s Consumer Price Index hits 11 year high at 18.55% in December


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.”

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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