Nigeria’s inflation fell in December to 21.34 percent from 21.47 percent in November after 10 consecutive monthly increases, the National Bureau of Statistics (NBS) said Monday.

The NBS report said food inflation fell to 23.75 percent in December from 24.13 percent the previous month amid skyrocketing prices for basic goods.

The NBS had attributed the rise in inflation to a sharp increase in demand ahead of the Christmas season amid the rising cost of production.

“Increases were recorded in all … divisions that generated the main index, notably food and non-alcoholic beverages, transport and miscellaneous goods and services,” the NBS said in its report.

The drop in the inflation rate comes as the Central Bank’s Monetary Policy Committee prepares to meet for the first time this year.

At the meeting, programmed By next week, the MPC, as part of efforts to control inflation, will decide on interest rates in Africa’s largest economy.

Details coming soon…

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