Nigeria’s inflation rate decreased from 21.47 percent in November 2022 to 21.34% in December 2022.
In its most recent report on the Consumer Price Index, the National Bureau of Statistics (NBS) reported the decline on Monday.
Given the Christmas and New Year’s celebrations, the December inflation rate is somewhat surprising.
The December inflation rate is the first time in eleven months that Nigeria’s headline inflation rate has fallen month on month.
In comparison to November 2022, the rate fell by 0.12% points, reflecting a 5.72% point gain over the previous year’s rate of 15.63%.
Also. Food inflation, one of the most frequently followed indicators, dipped to 23.75% in December 2022 from 24.13% the previous month.
According to the NBS, “basically, the likely factors responsible for the increase in the inflation rate can be attributed to the sharp increase in demand typically experienced during the festive season, increase in the cost of production such as increase in energy cost, transportation cost, exchange rate depreciation, etc.
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