Nigeria’s annual inflation rate dropped to 21.34% in December 2022 from 21.47% in November 2022, the Nigeria National Bureau of Statistics (NBS Nigeria) has confirmed
This figure was indicated in the institutions’s Consumer Price Index (CPI) report for December 2022.
“On a month-on-month (MoM) 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 per cent). This means that in the month of December 2022, the general price level was 0.32 percent higher relative to November 2022” the report states.
Headline Inflation for December 2022 was 21.34%, from 21.47% in November 2022.
Food Inflation was 23.74% in December 2022,from 24.13% in November 2022.
Urban inflation was 22.01%. Rural Inflation was 20.72%.
Read the full CPI report for December 2022 here:https://t.co/eN6UCwZ65N pic.twitter.com/jhdeo94IzC— NBS Nigeria (@NBS_Nigeria) January 16, 2023
On a month-on-month basis, the food inflation rate in December 2022 was 1.89% – this was 0.49% higher compared to the rate recorded in November 2022 (1.4% ). This increase was attributed to increase in prices of some food items like oil and fat, fish, potatoes & tubers, bread & cereals, and fruits etc.
NBS Nigeria announced reduced price increases for:
- Alcoholic beverages, tobacco and kola (18.10% in December 2022 vs 18.48% in November 2022)
- Clothing & footwear (17.55% vs 17.66%)
- Recreation & culture (15.74% vs 16.61%), and
- Communication (11.2% vs 11.54%)
Some goods that became more expensive across the two months include:
- Transportation (20.16% vs 19.53%)
- Miscellaneous goods & services (18.61% vs 18.10%)
- Education (18.42% vs 17.88%)
On a YoY perspective, food inflation rate in December 2022 was 23.75% – 6.38% higher compared to the rate recorded in December 2021 (17.37%).
This is attributed to increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, food products e.t.c over the last one year.
The country’s inflation rate had increased for 10 consecutive months, up to November 2022, when it reached 21.47%.
Still, on a year-on-year basis, the headline inflation rate was 5.72% points higher compared to the rate recorded in December 2021, which was (15.63%).
According to NBS Nigeria, 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).
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