… falls to 21.34%
Nigeria’s inflation rate decreased for the first time in 11 months to 21.34 percent.
The country’s inflation rate had increased for 10 consecutive months, until November 2022, when it reached 21.47 percent.
The National Statistics Office in its latest report said that the country’s inflation rate showed a drop of 0.13% between November and December.
The report stated: “In December 2022, the headline inflation rate dropped to 21.34% compared to the November 2022 headline inflation rate of 21.47%.
“Looking at the trend, the December 2022 inflation rate showed a decrease of 0.13% compared to the November 2022 inflation rate.
“However, in year-on-year terms, the general inflation rate was 5.72% points higher than the rate registered in December 2021, which was (15.63%). This shows that the headline inflation rate increased in the month of December 2022 compared to the same month of the previous year (ie December 2021).
“Month by month, the percentage variation of the All Articles Index in December 2022 was 1.71%, 0.32% higher than the rate registered in November 2022 (1.39%). This means that in the month of December 2022, the general price level was 0.32% higher than in November 2022.
“The percentage variation of the average Consumer Price Index for the 12 months ended in December 2022 over the CPI average for the previous 12 months was 18.85%, showing an increase of 1.89% compared to 16 95% registered in December 2021”.
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