The National Bureau of Statistics (NBS) has said that the consumer price index which measures inflation increased by 15.75 percent (year-on-year) in December 2020.The NBS said in its monthly report of the consumer price index that the inflation rate for December 2020 was 0.86 percent points higher than the rate of 14.89 percent recorded in November 2020.
It noted that on month-on-month basis, the Headline index increased by 1.61 percent in December 2020, representing 0.01 percent rate higher than the rate recorded in November 2020 of 1.60 percent.
According to the report, the corresponding twelve-month year-on-year average percentage change for the urban index is 13.86 percent in December 2020, which is higher than the figure of 13.55 percent reported in November 2020, while the corresponding rural inflation rate in December 2020 was 12.67 percent compared to 12.35 percent recorded in November 2020.
The percentage change in the average composite CPI for the twelve months period ending December 2020 over the average of the CPI for the previous twelve months period was 13.25 percent, representing a 0.33 percent point increase over 12.92 percent recorded in November 2020.
“Increases were recorded in all COICOP divisions that yielded the Headline index.
On a month-on-month basis, the urban index rose by 1.65 percent in December 2020, same as the rate recorded in November 2020, while the rural index also rose by 1.58 percent in December 2020, up by 0.02 percent above the rate that was recorded in November 2020 (1.56 percent).
“The composite food index rose by 19.56 percent in December 2020 compared to 18.30 percent in November 2020.
“The average annual rate of change of the Food sub-index for the twelve-month period ending December 2020 over the previous twelve-month average was 16.17 percent, 0.42 percent points from the average annual rate of change recorded in November 2020 (15.75) percent,” the NBS statement read in part.
This rise in the food index according to the NBS was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils, and fats.
“The urban inflation rate increased by 16.33 percent (year-on-year) in December 2020 from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 15.20 percent in December 2020 from 14.33 percent in November 2020,” the report said.