Nigeria’s inflation rate eased to 21.34% in December 2022 from 21.47% in November 2022, the first drop in about 11 months.
The National Bureau of Statistics (NBS) in its latest inflation report showed a decline of 0.13% between November and December.
“In December 2022, the headline inflation rate eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%,” the NBS report partly read.
“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 CPI for the twelve months ending December 2022 over the average for the previous twelve months period was 18.85%, showing a 1.89% increase compared to the 16.95% recorded in December 2021.”
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