Inflation Rises Further, Rises To 18.55% In December

Inflation Rises Further, Rises To 18.55% In December

The National Bureau of Statistics (NBS), on Friday released the Consumer Price Index (CPI) for the month of December, showing that despite the festivities associated with the period, inflation increased by 18.55% year-on-year, up by 0.07% the level from 18.48% in November.

The highest price increases were seen in Housing, Water, Electricity, Gas and Other Fuels, Clothing and Footwear and Education, which grew by 27.27%, 21.62% and 17.84% respectively.

On a month-on-month basis, headline index rose by 1.06% point in December, higher from the rate recorded in November (0.78%).

The Food Index rose by 17.39% year-on-year in December 2016, up by 0.20% from the 17.19% recorded in November, with all major food sub-indexes increasing. The soft drinks recorded the slowest pace of increase at 7.66% year on year.

“Price movements recorded by All Items less farm produce or Core sub-index rose by 18.1% year-on-year in December, down by 0.1% points from rate recorded in November (18.2%).”

According to a statement on the bureau’s website, “the Urban index rose by 20.12% year-on-year in December from 20.07% recorded in November, and the Rural index increased by 17.2% in December from 17.1% in November. On month-on-month basis, the urban index rose by 1.08% in December from 0.78% recorded in November, while the rural index rose by 1.04% in December from 0.79% in November.

“The percentage change in the average composite CPI for the twelve-month period ending in December 2016 was 15.7%, higher from the 15% recorded in November 2016. The corresponding twelve-month year-on-year average percentage change for the urban index increased from 16.19% in November to 17.05% in December, while the corresponding rural index also increased from 13.9% in November to 14.54% in December.”

Also in December, the Composite Food Index rose by 17.39%, following increases in the prices of meat, bread and cereals, oil and fats, fish, vegetables, milk and cheese and eggs, fruits and potatoes, yam and other tubers.