Nigeria Inflation Drops to 21.34% in December
The consumer price index (CPI), which measures the rate of change in prices of goods and services, eased to 21.34 percent in December 2022, down from 21.47 percent in the month of November..
The National Bureau of Statistics (NBS) said this on Monday in its latest consumer price index (CPI) report.
On a month-on-month basis, this is the first time the inflation rate is decreasing in the last eleven months.
The latest figure, however, is still high when compared to December 2021, when inflation rate stood at 15.63 percent before dropping to 15.60 percent in January 2022.
NBS said the December 2022 inflation rate showed a decline of 0.13 percent when compared to the figure of November 2022.
“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.
