A report by the National Bureau Statistics (NBS) has shown that there’s an increase in the Consumer Price Index (CPI) which measures inflation.
The CPI increased by 15.75 per cent (year-on-year) in December 2020, 0.86 per cent points higher than the rate recorded in the previous month (November) according to the monthly report which was released on Friday.
CPI measures the changes in the purchasing power of a country’s currency, the price level of a basket of goods and services and the aggregate price level in an economy.
According to the NBS, the increases were equally recorded in all the Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the Headline index. On a month-on-month basis, the Headline index increased by 1.61 percent in December 2020.
This it said was 0.01 percent rate higher than the rate recorded in November 2020 (1.60 percent).
Also, the urban inflation rate increased in December by 16.33 percent (year-on-year) in December 2020 from the 15.47 percent recorded in November, while the rural inflation rate increased by 15.20 percent in December 2020.
On a month-on-month basis, the urban index rose by 1.65 percent in December 2020, the same as the rate recorded in November, while the rural index also rose by 1.58 percent in December, up by 0.02 percent above the rate that was recorded in November (1.56 percent).
The corresponding twelve-month year-on-year average percentage change for the urban index is 13.86 percent in December 2020.
This is higher than 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 previously.
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