Nigeria’s inflation rate hits 21.34%, food prices drop

Nigeria’s inflation rate slowed to 21.34% in the month of December 2022 from 21.47 percent in the previous month.

The National Bureau of Statistics (NBS) announced the drop on Monday in its latest Consumer Price Index report.

December inflation rate is a big surprise given the Christmas and New year festivities.

The inflation rate for December is the first time Nigeria’s headline inflation rate dropped on a month-on-month basis in the last eleven months.

Read also:Salary review won’t make sense without controlling inflation, NLC tells Nigeria govt

Compared to November 2022, the rate dropped by 0.12% points, representing a 5.72% points increase compared to 15.63% recorded in the corresponding period of last year.

Also. Food inflation, a closely watched indices, fell to 23.75% in December 2022 from 24.13% recorded in the previous month.

“Basically, the likely factors responsible for the increase in the inflation rate can be attributed to the sharp increase in demand usually experienced during the festive season, increase in the cost of production e.g. increase in energy cost, transportation cost, exchange rate depreciation etc,” the NBS said.

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