Inflation inches up to 15.63% snapping 8-month decline

Nigeria’s headline inflation snapped an eight-month decline in December 2021, as it rose to 15.63 per cent, a report by the National Bureau of Statistics.

This is an increase of 0.23 percentage points or 23 basis points over its closing value in November of 2021 when it closed at 15.40%.

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Daily Trust reports that on a year-on-year basis, the new figure is a reduction of 0.12 percentage points when compared to 15.75% in the same month of 2020.

Similarly, the composite food sub-index rose by 0.16 percentage points to 17.37 percent in December 202, from 17.53% in the preceding month of November 2021.

It is, however, down by 2.19 percentage points when compared to 19.56 percent in December 2020.

NBS said the rise in the food sub-index was caused by increases in prices of Bread and cereals, Food product, such as Meat, Fish, Potatoes, yam and other tubers, Soft drinks, and fruits.

“On a month-on-month basis, the food sub-index increased by 2.19 percent in December 2021, up by 1.12 percent points from 1.07 percent recorded in November 2021.”

“The percentage change in the average composite CPI for the twelve-month period ending December 2021 increased by 16.95 percent from 16.98 percent over the average of the CPI for the previous twelve-month period recorded in November 2021 down by 0.03 percent points,” NBS said.