Inflation Rate Drops For 11 Consecutive Months To 15.37%
The National Bureau of Statistics on Tuesday released the Consumer Price Index, which measures inflation, with the rate dropping from 15.9 per cent in November to 15.37 per cent in December 2017. The drop of 0.53 percentage points recorded in December made it the eleventh consecutive slowdown in the inflation rate.
The NBS stated, “The Consumer Price Index, which measures inflation, ended the year 2017 with a rate of 15.37 per cent (year-on-year) in December 2017. This was 0.53 per cent points lower than the rate recorded in November (15.90), making it the eleventh consecutive disinflation (slowdown in the inflation rate though still positive) in headline year-on-year inflation since January 2017.”
The report stated that the urban inflation rate rose by 15.78 per cent year-on-year in December from 16.27 per cent in November, while the rural inflation rate also eased by 15.02 per cent in December from 15.59 per cent in November.
On month-on-month basis, the urban index rose by 0.66 per cent in December, down by 0.19 from the 0.85 per cent recorded in November, while the rural index rose by 0.54 per cent in December, down by 0.18 when compared with the 0.72 per cent in November.