Ultimate magazine theme for WordPress.

Excessive Yuletide Spendings Responsible For Higher Inflation Rate In December – NBS

0 40

The National Bureau of Statistics has blamed excessive spending by Nigerians during the Christmas and New Year celebrations for the country’s higher inflation of 15.63 per cent in December. The Statistician General of the Federation, Simon Harry who disclosed this in Abuja while presenting the Consumer Price Index report said the 15.63 per cent year-on-year inflation rate was 0.23 percent points higher than the 15.40 per cent recorded in November, 2021. He said Core inflation for December was 13.87 per cent while that of November was 13.85 per cent as Food inflation for December stood at 17.37 per cent while 17.21 per cent was recorded for November, 2021. The Statistician General who was quick to note that urban inflation for December was 16.17 per cent against November’s index of 15.92 per cent explained that rural inflation was 15.11 per cent and 14.89 per cent in December and November, 2021. On State by State comparison, the NBS boss said inflation was highest in Ebonyi State with 18.71 per cent, while Kwara State recorded the lowest with 12.32 per cent. As for Food inflation, the Bureau said Kogi State was highest with 22.82 per cent, Edo State witnessed the lowest with 13.24 per cent.

Leave A Reply

Your email address will not be published.