Nigeria’s Inflation Falls First Time in 11 Months

Nigeria’s inflation rate eased for the first time in 11 months to 21.34 per cent.

The country’s inflation rate had risen for 10 consecutive months, up to November 2022, when it reached 21.47 per cent.

The National Bureau of Statistics in its latest report on Monday said the country’s inflation rate showed a decline of 0.13% between November and December.

The report read, “In December 2022, the headline inflation rate eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%.

“Looking at the trend, December 2022 inflation rate showed a decline of 0.13% when compared to November 2022 inflation rate.

“However, 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%). 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).

“On a month-on-month basis, the percentage change in the All Items Index in December 2022 was 1.71%, which was 0.32% higher than the rate recorded in November 2022 (1.39%). This means that in the month of December 2022, the general price level was 0.32% higher relative to November 2022.

“The percentage change in the average Consumer Price Index for the 12 months ending December 2022 over the average of the CPI for the previous 12 months period was 18.85%, showing 1.89% increase compared to the 16.95% recorded in December 2021.”