Nigeria’s inflation rate dropped to 21.34% in December 2022 from 21.47% in November 2022, representing a decline of 0.13% and first drop in about 11 months.
This is according to the latest report by the National Bureau of Statistics (NBS).
The report stated that in December 2022, the headline inflation rate eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%,” the NBS report partly read.
It added: “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 CPI for the twelve months ending December 2022 over the average of the CPI for the previous twelve months period was 18.85%, showing 1.89% increase compared to the 16.95% recorded in December 2021, the NBS added.