Inflation rate hits 18.55% – NBS

THE National Bureau of Statistics (NBS) recorded inflation rate hitting 18.55per cent last month in the country from 18.48 per cent in November, the highest in 11 years.
Prices of food items in particular kept rising,the NBS said in a report .
The highest increases in price were recorded in bread, cereals, fish, meat, oil and fat.
Inflation rate moved from 9.55 percent in December 2015 to 18.55 by December 2016, defying predictions that put 2016 year-end inflation at 12 percent.
The IMF during the week said inflation in Nigeria was mainly driven by challenges surrounding the country’s exchange rate regime.
“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.”
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”.

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