The consumer price index, (CPI) which measures inflation increased by 15.75 percent (year-on-year) in December 2020. This is 0.86 percent points higher than the rate recorded in November 2020 (14.89) percent.

Increases were recorded in all COICOP divisions that yielded the Headline index.

On a month-on-month basis, the Headline index increased by 1.61 percent in December 2020. This 0.01 percent rate higher than the rate recorded in November 2020 (1.60 percent).

The percentage change in the average composite CPI for the twelve months period ending December 2020 over the average of the CPI for the previous twelve months period was 13.25 percent, representing a 0.33 percent point increase over 12.92 percent recorded in November 2020.

The urban inflation rate increased by 16.33 percent (year-on-year) in December 2020 from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 15.20 percent in December 2020 from 14.33 percent in November 2020.

On a month-on-month basis, the urban index rose by 1.65 percent in December 2020, same as the rate recorded in November 2020, while the rural index also rose by 1.58 percent in December 2020, up by 0.02 percent above the rate that was recorded in November 2020 (1.56 percent).

The corresponding twelve-month year-on-year average percentage change for the urban index is 13.86 percent in December 2020. This is higher than 13.55 percent reported in November 2020, while the corresponding rural inflation rate in December 2020 was 12.67 percent compared to 12.35 percent recorded in November 2020.

Food Index

The composite food index rose by 19.56 percent in December 2020 compared to 18.30 percent in November 2020.

This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils and fats.

On a month-on-month basis, the food sub-index increased by 2.05 percent in December 2020, up by 0.01 percent points from 2.04 percent recorded in November 2020.

The average annual rate of change of the Food sub-index for the twelve-month period ending December 2020 over the previous twelve-month average was 16.17 percent, 0.42  percent points from the average annual rate of change recorded in November 2020 (15.75) percent.

All Items Less Farm Produce

The "All items less farm produce" or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.37 percent in December 2020, up by 0.32 percent when compared with 11.05 percent recorded in November 2020.

On a month-on-month basis, the core sub-index increased by 1.10 percent in December 2020. This was up by 0.39 percent when compared with 0.71 percent recorded in November 2020.

The highest increases were recorded in prices of Passenger transport by air, Medical services, Hospital services, Shoes and other footwear, Passenger transport by road, Miscellaneous services relating to the dwelling, Hairdressing salons and personal grooming establishments, Repair of furniture, Vehicle spare parts, Pharmaceutical products, Motor cars, Maintenance and repair of personal transport equipment, Paramedical services, Motor cycle, Dental services and Bicycles.

The average 12-month annual rate of change of the index was 10.31 percent for the twelve-month period ending December 2020; this is 0.17 percent points higher than 10.14 percent recorded in November 2020.

State Profiles

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

All Items Inflation

In December 2020, all items inflation on year on year basis was highest in Bauchi (19.85%), Edo (18.15%) and Kogi (18.40%), while Lagos (14.05%), Kwara (13.91%) and Abia (13.30%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis, however, December 2020 all items inflation was highest in Nasarawa (2.30%), Gombe (2.20%) and Akwa Ibom (2.16%), while Ekiti (0.87%), River (0.67%) and Ebonyi (0.61%) recorded the slowest rise in headline month on month inflation.

Food Inflation

In December 2020, food inflation on a year on year basis was highest in Edo (24.14%), Kogi (23.14%) and Sokoto (22.24%), while Bauchi (16.53%), Abia  (16.04%) and Nasarawa (15.71%) recorded the slowest rise.

On month on month basis, however, December 2020 food inflation was highest in Edo (3.68%), Benin (3.48%) and Gombe (3.00%), while River (0.93%), Osun (0.59%) and Ekiti (0.24%)  recorded the slowest rise.

https://brandspurng.com/2021/01/15/december-2020-inflation-rate-rises-to-15-75-as-food-inflation-jumps-to-19-56/

Bubu ....

How e go concern you the price of garri...when all ya daughters done collect all the billionaires and ya wife dey cruise for dubai

B

X

Uhmmmm

Lord have mercy!

Dead on arrival,this government is clueless

What a clueless government we have in place.

Everything just dey cost everyday

Buhari's incompetency keeps increasing at a geometric rate. Lai Muhammed will soon say that enemies of the state caused it. 2023 is still far oh.

based on prophecies for the year.. there will be abundance of food...

so let's chill...



Thread seen....

Zombies will never near this topic

I see bought half pent of garri for #600 yesterday full custard bucket na #1200 I was like u Don mean am ..

Fast fingers, you beat to ftc... Crying

Why is this happening to Nigeria?? How can people live like this??

We no go die, we go survive

I will survive. Nigeria will not stop me

Simplyleo, yarimo, seunmsg, mannabbgrills alias Eriggs, Thatfairguy, NGpatriot, and the other children for national destruction, I hope your 30k money-for-national-foolery will be able to bear the new inflation.

Is that why things are costly?

The fundamentals of the Nigerian system has to be reviewed education and economic wise.

What’s the point striving in a system designed to keep the masses in perpetual poverty?

As far as I'm concerned, there are only two parties in Nigeria. The elites and the masses. There is a grand scheme to keep the masses forever poor and desperate. Forget APC or PDP...open your eyes and see the bigger picture. Same old story since the 80s.

1,000% inflation rate on foodstuffs every two decades coupled with persistent devaluation of the naira? That’ll turn your fantastic looking pension balance today into peanuts in two decades! Very unfair to see you work twice as hard as your mates in civilised climes, only to end up way poorer than them in old age, no thanks to the wolves and vultures mismanaging the economy of Nigeria.

https://www.nairaland.com/6070613/food-inflation-nigeria#93102088

And as I’ll always say, you only need to see 4 different faces serve two terms each as President, then 32 years of your life is gone.

The picture below explains the average Nigerian's predicament better.

Buhari is a fo.ol.

the corn tree is doomed, courtesy of the fulani janjaweeed in power. smdh!

Just take a look at the rubbish country we're living in.

simplyleo helinues Arrewa Omenka SilverNorGold This zombies keyboard will now develop fault

The problem is that people are not producing or manufacturing enough commodities. Farmers can't farm because of insecurity which means food shortage resulting too much money competing for few goods.


Also we are just trying to wake of from a regime of free money and free everything. Free things results in laziness and nobody willing to produce and manufacture.

Both government and citizens are the cause of this inflation. If am buhari I will command all govt mdas to only purchase made in nigeria products. No foreign cars should be allowed for govt officials. Stop wearing suit to office rather all civil servants shld wear ankara. Farmers should be given all the stimulus to not only produce but actually make good money.

SocialJustice:
Just take a look at the rubbish country we're living in.

Complainant

blackpanda:


Complainant

Plaintiff

The last cowbender is working.

The higher the figure, the more successful the clown thinks he is.

Oponu daura

Inflation rate is getting too high and mr buhari should do something about this

Everything goes from bad to worst everyday. May God help us

SocialJustice:
Plaintiff

Lolz. The barr I hail o
res ipsa loquitur

This inflation data no correct.. it's supposed to be like 100% inflation rate