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Victor Agi

last updated Tue, Jan 18, 2022 2:50 PM

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NBS' Consumer Index Report Shows Inflation Declined Year-On-Year, But Increased Month-On-Month

By Victor Agi
| Updated 14:50 18/01/2022
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In its Consumer Price Index (CPI) report for December 2021, the National Bureau of Statistics (NBS) has reported that the December 2021 figures compared favourably with the same period of 2020, indicating a positive development year-on-year for the economy.

"The consumer price index, (CPI) which measures inflation increased by 15.63 percent (year-on-year) in December 2021. This is 0.13 percent points lower than the rate recorded in December 2020 (15.75 percent). This is showing slowing down in the rate when compared to the corresponding period of 2020," it said.

Similarly, the report compared urban and rural inflation year-on-year. "Urban inflation rate increased [to] 16.17 percent (year-on-year) in December 2021 from 16.33 percent recorded in December 2020, while the rural inflation rate increased by 15.11 percent in December 2021 from 15.20 percent in December 2020," it said.

"The average annual rate of change of the Food sub-index for the twelve months ending December 2021 over the previous twelve-month average was 20.40 percent, 0.22 percent points lower from the average annual rate of change recorded in November 2021 (20.62) percent."

However, on a month-on-month comparison, it said a 15.63 percent inflation rate represents a 0.2 percent point rise from the inflation figure of 15.4 percent reported by the Bureau in November 2021.

"On month-on-month basis, the Headline index increased by 1.82 percent in December 2021, this is 0.74 percent rate higher than the rate recorded in November 2021 (1.08) percent", the report stated.

It also said that "the percentage change in the average composite CPI for the twelve months ending December 2021 increased by (sic) 16.95 percent from 16.98 percent over the average of the CPI for the previous twelve-month period recorded in November 2021 down by 0.03 percent points."

And "On a month-on-month basis, the urban index rose by 1.87 percent in December 2021, up by (sic) 0.75 the rate recorded in November 2021 (1.12) percent, while the rural index also rose by 1.77 percent in December 2021, up by (sic) 0.73 the rate that was recorded in November 2021 (1.04) percent," the report noted.

The Bureau attributed the inflation to increase in food items which, which it said rose by 2.19% in December 2021 on month-on-month basis, up by 1.12% points from 1.07% recorded in November 2021. On year-on-year basis, inflation in food items rose by 0.16% points to 17.37% in December 2021 compared to 17.21% recorded in the previous month.

 The uptick was caused by an increase in the prices of food items like bread and cereals, meat, fish, potatoes, yams and other tubers, soft drinks and fruits.

Consumer Price Index NBS

About the author

Victor Agi

Victor Agi is a freelance journalist, brand specialist and a PR practitioner.


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