Home Economy Yuletide purchases pushed inflation to 11.98% in December 2019

Yuletide purchases pushed inflation to 11.98% in December 2019

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The Consumer Price Index, which, measures inflation, increased to 11.98 per cent year-on-year in December 2019, latest inflation report released on Friday by the National Bureau of Statistics has revealed.

The 11.98 per cent inflation rate, according to the NBS, is 0.13 percentage points higher than the 11.85 per cent recorded in November 2019.

On a month-on-month basis, the NBS said the index increased by 0.85 per cent in December, adding that this was 0.17 percentage points lower than the 1.02 per cent recorded in November.
The report said the urban inflation rate rose by 12.62 per cent year-on-year in December 2019 from 12.47 per cent recorded in November.

The rural inflation rate, on the hand, increased by 11.41 per cent in December from 11.30 per cent in November.

On a month-on-month basis, it said the urban index rose by 0.90 per cent in December, representing a decline by 0.17 percentage points from the 1.07 percent recorded in November.
The report said food inflation rose by 14.67 per cent in December compared to 14.48 per cent in November.

“This rise in the food index was caused by increases in prices of bread and cereals, meat, fish, oils and fats, potatoes, yam and other tubers,” it added.
food sub-index increased by 0.97 per cent in December, down by 0.28 percentage points from 1.25 per cent recorded in November.

Experts said that the border closure as well as the yuletide spending of last month may have led to the increase in inflation.

SOURCE: Punch

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