INFLATION: Nigeria records 11th consecutive drop in Dec

Inflation rate in Nigeria dropped from 15.9 per cent in November to 15.37 per cent in December according to the National Bureau of Statistics.

The NBS revealed this development in its Consumer Price Index which measures inflation released this Tuesday, explaining that the drop of 0.53 per cent points recorded in December makes it the eleventh consecutive slowdown in the inflation rate.

According to the latest NBS report, the Urban inflation rate rose by 15.78 per cent year – on – year in December from 16 .27 per cent recorded in November, while the rural inflation rate also eased by 15.02 per cent in December from 15.59 per cent in November.

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The report further showed that on a month- on – month basis that the urban index rose by 0 .66 per cent in December, down by 0.19 from 0.85 per cent recorded in the previous month, while the rural index rose by 0.54 per cent in December, down by 0.18 when compared with 0.72 percent in November.

 

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