- Nigeria's inflation rate rises to 11.98% in December 2019 from 11.85% recorded in November.
Nigeria's inflation rate climbed to 11.98% in December 2019 for the fourth consecutive month as food prices continue to spike due to border closures.
Nigeria's inflation rate climbed to 11.98% in December 2019 for the fourth consecutive month as food prices continue to spike due to border closures.
The latest figure is 0.13% points higher than the rate recorded in November 2019 (11.85%).
The Nigerian Bureau of Statistics (NBS) stated this in its consumer price index (CPI) report for December 2019 released in Abuja on Friday, January 17th, 2019.
According to the report, increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the Headline index.
“On a month-on-month basis, the Headline index increased by 0.85 percent in December 2019, this is 0.17% rate lower than the rate recorded in November 2019 (1.02%).
“The percentage change in the average composite CPI for the twelve-month ending December 2019 over the average of the CPI for the previous twelve months period was 11.40%, showing 0.05% point from 11.35% recorded in November 2019.”
CBN monetary policy committee will meet next week to decide on the country's interest rate considering the current inflation figures.
At the last MPC meeting, CBN governor, Godwin Emefiele, said the impact of the border closures on inflation is temporary. At the November 2019 meeting, the rate setting committee left the country's interest rate at 13.5% while inflation climbed higher than the single rate target.
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