At a time when over 180 million Nigerians are waiting for a policy statement to keep inflation in check, as most families can no longer carter for their daily needs, President Muhammadu Buhari, has decided to keep mute.
According to the National Bureau of Statistics NBS, Consumer Price Index, CPI, on Friday, January 13, rose by 18.55 percent (year-on-year), in December, 2016, representing 0.07 percentage points higher from the rate recorded in November (18.48 percentage).
NBS attributed the increase, to a rise in the price of electricity, housing, water, clothing, footwear, and education.
The report reads in part: “The Consumer Price Index which measures inflation, increased by 18.55 percent (year-on-year) in December, 2016, 0.07 percent points higher from the rate recorded in November (18.48 percent).
“Communication and restaurants, and hotels, recorded the slowest pace of growth in December, growing at 5.33 percent and 8.91 percent (year-on-year), respectively.
“During the month, the highest increases were seen in housing, water, electricity, gas, and other fuels, clothing, and footwear, and education.”
During the month under review, all major food sub-indexes increased, with soft drinks recording the slowest pace of increase at 7.66 percent year on year.
Urban index rose by 20.12 percent (year-on-year) in December, from 20.07 percent recorded in November, while the rural index increased by 17.20 percent in December, from 17.10 percent in November.
On month-on-month basis, the report noted that urban index, rose by 1.08 percent in December, from 0.78 percent recorded in November, while the rural index rose by 1.04 percent in December, from 0.79 percent recorded in November.
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