By Etuka Sunday
National Bureau of Statistics (NBS) has said, the Consumer Price Index (CPI) which measures inflation ended the year 2017 with a rate of 15.37 percent (year-on-year) in December 2017.
This, according to NBS was 0.53 percent points lower than the rate recorded in November (15.90 ) making it the eleventh consecutive disinflation (slowdown in the inflation rate though still positive) in headline year on year inflation since January 2017 Increases were recorded in all COICOP divisions that yield the Headline Index.
NBS said, “on a month-on-month basis, the Headline index increased by 0.59 percent in December 2017, 0.19 percent points higher from the rate of 0.78 percent recorded in November.
“The percentage change in the average composite CPI for the twelve month period ending in December 2017 over the average of the CPI for the previous twelve month period was 16.50 percent, showing 0.26 percent point lower from 16.76 percent recorded in November 2017.”
The Urban inflation rate rose by 15.78 percent (year-on-year) in December from 16.27 percent recorded in November, while the Rural inflation rate also eased by 15.02 percent in December from 15.59 percent in November.
The Bureau said, “on month-on-month basis, the urban index rose by 0.66 percent in December, down by 0.19 from 0.85 percent recorded in November, while the rural index rose by 0.54 percent in December, down by 0.18 when compared with 0.72 percent in November.
“The corresponding twelve month year-on-year average percentage change for the urban index is 16.92 percent in December. This is less than 17.26 percent reported in November 2017, while the corresponding rural inflation rate in December is 16.10 percent compared to 16.29 percent recorded in November 2017.”