There is massive hopelessness and despair in the economy as the latest consumer price index show Nigerians would have to battle to survive in the new year with inflation at about 28.92 percent.
The CPI report by the National Bureau of Statistics (NBS) for December 2023 showed that the headline inflation rate increased from 28.20 percent in November 2023 to the latest figure.
The report said the latest increase was about 0.72 percent points higher when compared to the November 2023 headline inflation rate.
On a year-on-year basis, the NBS said the headline inflation rate was about 7.58 percent points higher when compared to the 21.34 percent rate recorded in December 2022.
The NBS said the rate showed that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the corresponding month in the previous year (i.e., December 2022).
Also, on a month-on-month basis, the report said headline inflation rate in December 2023 was 2.29%, which was 0.20% higher than the rate recorded in November 2023 (2.09%).
The NBS noted that meantin December 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in November 2023.
The contributions of the various items on the Divisional level to the overall increase in the Headline index showed that Food & Non-Alcoholic Beverages accounted for 14.98percent; Housing, Water, Electricity, Gas & other Fuels 4.84 percent; Clothing & Foot wear 2.21; Transport 1.88 percent; Furnishings & Household Equipment & Maintenance 1.45 percent; Education 1.14 percent; Health 0.87 percent; Miscellaneous Goods & Services 0.48 percent; Restaurant & Hotels 0.35 percent; Alcoholic Beverage, Tobacco & Kola 0.31 percent; Recreation & Culture 0.20 percent, and Communication 0.20 percent.
The NBS said the percentage change in the average CPI for the twelve-month ending December 2023 over the average CPI for the previous twelve-month period was 24.66%, about 5.81 percent increase, compared to 18.85 percent recorded in December 2022.
A review of the urban inflation figures on a year-on-year basis in December 2023, showed that the rate was 31.00 percent, which was about 8.98 percent points higher, compared to the 22.01 percent recorded in December 2022.
On a month-on-month basis, the report said the Urban inflation rate was 2.42 percent in December 2023, or about 80.19 percent points higher compared to November 2023 (2.23%).
The corresponding twelve-month average forthe Urban inflation rate was 26.22 perent in December 2023, about 6.83 percent points higher, compared to the 19.38 percent reported in December 2022.
Similarly, the rural inflation rate in December 2023, the NBS said, was about 27.10 percent on a year-on-year basis, about 6.38 percent higher, compared to the 20.72 percent recorded in December 2022.
On a month-on-month basis, the report said rural inflation rate in December 2023 was 2.17 percent, up by 0.18 percent points, compared to November 2023 (1.99 percent).
The corresponding twelve-month average for the rural inflation rate in December 2023 was 23.25 percent, about 4.91 percent higher, compared to 18.34 percent recorded in December 2022.
