Food and non-alcoholic beverages have continued to top divisional components of the country’s Consumer Price Index (CPI) both on Year on Year (YoY)and Month on Month (MoM) basis.
The development is contained in the National Bureau of Statistics (NBS) December 2024 CPI report released on Wednesday.
BRANDECONOMY reports that the Nigeria’s CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.
Also, the NBS report pegged the December 2024 inflation rate at 34. 80 per cent, which was marginally higher by 0.20 per cent than the November inflation figures of 34.60 per cent.
According to the report, food and non-alcoholic beverages contribution to the December CPI index was 18.02 per cent, while housing, water, electricity, gas and others followed at 5.82 per cent on a YoY basis.
Clothing and footwear were pegged at 2.66 per cent, transport 2.26 per cent, furnishings and household equipment and maintenance at 1.75 per cent.
The report also put education at 1.37 per cent, health at 1.05 per cent, miscellaneous goods and services at 0.58 per cent and restaurant and hotels at 0.42 per cent.
Other components on a YoY basis included alcoholic beverage, tobacco and kola at 0.38 per cent, recreation and culture at 0.24 per cent, and communication at 0.24 per cent.
When compared to the month on month Nigeria’s CPI index, food and non-alcoholic beverages were at 1.26 per cent, housing, water, electricity, gas and other fuel – 0.41 per cent.
“Clothing and footwear -0.19 per cent, transport – 0.16 per cent, furnishings and household equipment and maintenance – 0.12 per cent, education -0.10 per cent while health was at 0.07 per cent.
“Miscellaneous goods and services 0.04 – per cent, restaurant and hotels at 0.03 percent, alcoholic beverage, tobacco and kola 0.03 per cent, while both recreation/culture and communication bagged 0.02 per cent.
“The percentage change in the average CPI for the 12 months ending December 2024 over the average for the previous 12-month period was 33.24 per cent.
“This shows 8.58 per cent increase compared to 24.66 per cent recorded in December 2023,” the report stated.
