Nigeria’s headline inflation has dropped to 21.34 per cent in the month of December from the 21.47 per cent recorded in November, the National Bureau of Statistics (NBS) has disclosed.
The NBS in its monthly inflation report released on Monday stated that prices of commodities in the country dropped by 0.13 per cent base point.
This drop is against predictions by experts with December known for frenzy purchase of goods used to celebrate the Christmas and new year festivities.
Daily Trust reports that Nigeria’s headline inflation had been on consecutive rise since January 2022.
However, the report stated that on a year-on-year basis, the headline inflation rate was 5.72 per cent points higher compared to the rate recorded in December 2021, which was 15.63 per cent.
- Boy Kills lover, sets self ablaze in Rivers
- AFRIMA: Burna Boy, Davido, Wizkid, Asake win big at ceremony
“This shows that the headline inflation rate increased in the month of December 2022 when compared to the same month in the preceding year.”
Similarly, it stated that on a month-on-month basis, the percentage change in the All-Items Index in December 2022 was 1.71 per cent, which was 0.32 per cent higher than the rate recorded in November 2022 (1.39 percent).
“This means that in the month of December 2022, the general price level was 0.32 per cent higher relative to November 2022. The percentage change in the average CPI for the twelve months ending December 2022 over the average of the CPI for the previous twelve months period was 18.85 per cent, showing 1.89 per cent increase compared to the 16.95 percent recorded in December 2021,” the NBS said.
It stated that the reason for the monthly rise was due to demand usually experienced during the festive season and increase in the cost of production.
Meanwhile, food inflation rate increased to 23.75 per cent on a year-on-year basis; which was 6.38 per cent higher compared to the rate recorded in December 2021 (17.37 per cent).
The bureau stated that the rise was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish and other food products.
Also, the average annual rate of food inflation for the 12 months, ending in December 2022 when compared to the previous year was 20.94 per cent, which was 0.53 per cent points increase.
For All items less farm produce or core inflation, it rose to 18.49 per cent on a year-on-year basis, a 4.62 per cent rise when compared to the 13.87 per cent recorded in December 2021.
“The highest increases were recorded in prices of gas, liquid fuel, passenger transport by air, vehicles spare parts, fuels and lubricants for personal transport equipment, solid fuel among others.
“The average twelve-months annual inflation rate was 16.08 percent for the twelve-months ending December 2022; this was 2.91 percent points higher than the 13.16 per cent recorded in December 2021,” it added.8
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
