MON, JAN 15 2024-theGBJournal|In December 2023, the headline inflation rate rose to 28.92% relative to the November 2023 headline inflation rate which was 28.20%, the National Bureau of Statistics said their latest CPI and Inflation Report.
The December 2023 headline inflation rate showed an increase of 0.72% points when compared to the November 2023 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 7.58% points higher compared to the rate recorded in December 2022, which was 21.34%.
This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022).
Furthermore, on a month-on-month basis, the headline inflation rate in December 2023 was 2.29%, which was 0.20% higher than the rate recorded in November 2023 (2.09%).
This means that in 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.
Food prices remained under pressure in December, as food inflation rose significantly 33.93% on a year-on-year, 10.18% points higher compared to the rate recorded in December 2022 (23.75%).
The NBS data shows that the rise in food inflation was caused by increases in prices of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Meat, Fruit, Milk, Cheese, and Egg.
On a month-on-month basis, the Food inflation rate in December 2023 was 2.72%, this was 0.30% higher compared to the rate recorded in November 2023 (2.42%).
The rise in Food inflation on a Month-on-Month basis was caused by a rise in the rate of increase in the average prices of Oil and fat, Meat, Bread and Cereals, Potatoes, Yam & Other Tubers, Fish and Milk, Cheese, and Egg.
Meanwhile, Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 23.06% in December 2023 on a year-on-year basis; up by 4.85% when compared to the 18.21% recorded in December 2022.
The highest increases were recorded in prices of Passenger Transport by Road, Medical Services, Actual and Imputed Rentals for Housing, Passenger Transport by Air, Pharmaceutical products, Accommodation services, etc.
On a month-on-month basis, the Core Inflation rate was 1.82% in December 2023. It stood at 1.53% in November 2023, up by 0.29%.
The average twelve-month annual inflation rate was 20.76% for the twelve months ending December 2023; this was 4.74% points higher than the 16.02% recorded in December 2022.
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