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Nigeria’s Inflation Rate Drops To 21.34% In December 2022

The National Bureau of Statistics (NBS)
The National Bureau of Statistics (NBS).
January 16, (THEWILL) – Nigeria’s inflation rate recorded a drop to 21.34 percent in December 2022, the National Bureau of Statistics (NBS) said in its report on Monday.
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The country’s inflation rate had risen for 10 consecutive months, up to November 2022, when it reached 21.47 per cent.

However, the NBS said the latest inflation rate of 21.34% showed a decline of 0.13% between November and December 2022.

On a month-on-month basis, it is the first time the inflation rate is decreasing in the last eleven months.

“However, on a year-on-year basis, the headline inflation rate was 5.72 percent points higher compared to the rate recorded in December 2021, which was (15.63 percent).

“This shows that the headline inflation rate increased in the month of December 2022, when compared to the same month in the preceding year (i.e., December 2021),” the report reads.

“On a month-on-month basis, the percentage change in the ‘all items index’ in December 2022 was 1.71 percent, which was 0.32 percent higher than the rate recorded in November 2022 (1.39 percent). This means that in the month of December 2022, the general price level was 0.32 percent higher relative to November 2022.

“The percentage change in the average CPI for the twelve months ending December 2022, over the average of the CPI for the previous twelve months period was 18.85 percent, showing 1.89 percent increase compared to the 16.95 percent recorded in December 2021″, the report added.

On food inflation, the NBS said the index eased to 23.75 percent in the month under review, a decrease compared to the 24.13 percent recorded in the preceding month.

But on a year-on-year basis, the figure is 6.38 percent higher in relation to December 2021.

“The food inflation rate in December 2022, was 23.75 percent on a year-on-year basis, which was 6.38 percent higher compared to the rate recorded in December 2021 (17.37 percent),” the report said.

“The rise in the food inflation was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, food products, etc.

“On a month-on-month basis, the food inflation rate in December was 1.89 percent, this was 0.49 percent higher compared to the rate recorded in November 2022 (1.40 percent). This increase was attributed to increase in prices of some food items like oil and fat, fish, potatoes & tubers, bread and cereals, and fruits etc.”

The report added that the average annual rate of food inflation for the twelve months ending December 2022, over the previous twelve-month average was 20.94 percent, which was a 0.53 percent points increase from the average annual rate of change recorded in December 2021 (20.40 percent).