Higher Food, Energy Prices Pushed Inflation Further to 28.92% in Dec

Severe in Kogi, Lagos, Rivers, others

The Consumer Price Index (CPI), which measures the rate of change in prices of goods and commodities, further increased to 28.92 per cent in December, compared to 28.20 per cent in the preceding month, the National Bureau of Statistics (NBS) disclosed yesterday.

The NBS attributed the 0.72 per cent rise in the headline index to increases in food and commodity prices, including energy.

According to the CPI figures for the month under review, food inflation rose by 10.18 per cent to 33.93 per cent year-on-year compared to 23.75 per cent in December 2022.

The annual food inflation was attributed to increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, meat, fruit, milk, cheese and egg.

Month-on-month, the food index increased by 0.30 per cent to 2.72 per cent from 2.42 per cent in November.

Core inflation, which excludes the prices of volatile agricultural produces and energy, increased by 4.85 per cent, year-on-year to 23.06 per cent in December compared to 18.21 per cent in December 2022.

Also, year-on-year, urban inflation rose 8.98 per cent to 31 per cent, compared to 22.01 per cent in December 2022.

Month-on- month, the urban index increased to 2.42 per cent, compared to 2.23 per cent in November.

According to the statistical agency, the corresponding 12-month average for urban inflation was 26.22 per cent in December 2023, which was 6.83 per cent higher compared to the 19.38 per cent in December 2022.

On the other hand, rural inflation increased to 27.10 per cent year-onyear, representing a rise of 6.38 per cent compared to 20.72 per cent in December 2022.

Month-on-month, the index rose to 2.17 per cent compared to 1.99 per cent in November.

The NBS noted that the corresponding 12-month average for the rural inflation was 23.25 per cent which was 4.91 per cent higher compared to 18.34 per cent in December 2022.

However, at state level, year on year, the all-Items inflation was highest in Kogi (35.58 per cent), Lagos (32.33 per cent), Rivers (32.16 per cent), while Borno (23.27 per cent), Taraba (24.92 per cent) and Katsina (26.52 per cent) recorded the slowest rise in the headline index in the review period.

Month-on-month, the highest increases were recorded in Bayelsa (3.66 per cent), Bauchi (3.51per cent), Oyo (3.45 per cent), while Nasarawa (1.36 per cent), Delta (1.49 per cent) and Sokoto (1.58 per cent) recorded the slowest rise.

In the same vein, food inflation year-on-year was highest in Kogi (44.73 per cent), Kwara (41.33 per cent), and Imo (39.54 per cent), while Bauchi (27.49 per cent), Jigawa (27.98 per cent) and Sokoto (28.72 per cent) recorded the slowest rise.

On monthly basis, however, food inflation was highest in Bayelsa (4.42 per cent), Ogun (4.11 per cent), and Enugu (4.03 per cent), while Nasarawa (1.48 per cent), Delta (1.65 per cent) and Niger (1.67 per cent) recorded the slowest rise.