• Saturday, July 20, 2024
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Nigeria’s inflation edges to 9.6%

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Nigeria’s headline inflation edged 0.2 percent points to 9.6 percent in December, a second consecutive increase, as prices of both food and food items moved higher.

The National Bureau of Statistics (NBS) said on Sunday that the increase in the Headline Index was driven in part by higher prices within key divisions, which contribute to the index.

In particular, imported food items within the Food and Non Alcoholic Beverages Divisions; Alcoholic Beverage, Tobacco and Kola; Clothing and Footwear and Transportation (as a result of intermittent PMS supply shortages) divisions all impacted the index.

Food prices recorded significant pressures in December, the NBS stated. The Food sub-index increased to 10.6 percent (year- on-year) during the month, 0.3 percent points from rates recorded in November. All major food groups, which contribute to the Food sub- index increased at a faster pace during the month with the exception of the Milk, Cheese and Eggs group.

According to the data office, the “All Items less Farm Produce” or Core sub-index rose at the same rate for the third consecutive month at 8.7 percent.

But the Core sub-index was weighted upon by slower increases in major divisions, as Housing Water, Electricity, Gas and Other Fuels; and Furnishings and Household Equipment Maintenance continue to weigh on the index.

On a month-on-month basis, the Headline Index increased at a faster pace for a second consecutive month. The index increased by 1 percent, 0.3 percent points higher from 0.7 percent in November. All indices, which contribute to the Headline Index, increased at a faster rate.