Nigeria’s inflation drops first time in 11 months to 21.34%

Monday, January 16, 2023

Inflation graph

Nigeria‘s headline inflation has dropped to 21.34 per cent from the 21.47 per cent recorded in November 2022, in accordance with the Client Worth Index (CPI) report for December, launched on Monday by the Nationwide Bureau of Statistics (NBS).

“In December 2022, the headline inflation fee eased to 21.34% in comparison with November 2022 headline inflation fee, which was 21.47 per cent,” acknowledged the report.

That is the primary time in 11 months that there shall be a decline within the nation’s inflation fee on a month-on-month foundation.

The info means that the headline inflation fee eased by 0.13 per cent in December 2022 in comparison with November’s inflation information.

“Nevertheless, on a year-on-year foundation, the headline inflation fee was 5.72 per cent factors increased in comparison with the speed recorded in December 2021, which was (15.63 per cent). This exhibits that the headline inflation fee elevated within the month of December 2022 when in comparison with the identical month within the previous yr (i.e., December 2021),” the NBS report added.

Evaluating the newest information to December 2021, when the inflation fee was 15.63 per cent earlier than falling to fifteen.60 per cent in January 2022, the speed remains to be excessive.

Based on NBS, meals inflation decreased from the earlier month’s 24.13 per cent to 23.75 per cent within the month beneath overview.

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