For the first time in 11 months, Nigeria’s inflation rate decreased to 21.34 percent.
Up until November 2022, when it hit 21.47 percent, the nation’s inflation rate had increased for ten straight months.
In its most recent report released on Monday, the National Bureau of Statistics stated that the country’s inflation rate decreased by 0.13% between November and December.
The report read:-
“In December 2022, the headline inflation rate eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%.
“Looking at the trend, December 2022 inflation rate showed a decline of 0.13% when compared to November 2022 inflation rate.
“However, on a year-on-year basis, the headline inflation rate was 5.72% points higher compared to the rate recorded in December 2021, which was (15.63%). 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).
“On a month-on-month basis, the percentage change in the All Items Index in December 2022 was 1.71%, which was 0.32% higher than the rate recorded in November 2022 (1.39%). This means that in the month of December 2022, the general price level was 0.32% higher relative to November 2022.
“The percentage change in the average Consumer Price Index for the 12 months ending December 2022 over the average of the CPI for the previous 12 months period was 18.85%, showing 1.89% increase compared to the 16.95% recorded in December 2021.”