Nigeria’s inflation drops first time in 11 months
Nigeria’s inflation rate dropped for the first time in 11 months to 21.34 per cent from 21.47 per cent
This was after 10 straight monthly increases, the National Bureau of Statistics (NBS) said on Monday.
READ ALSO: Nigeria inflation rises for 10th straight month to 21.47% – NBS
The NBS report said that food inflation dropped to 23.75 per cent in December from 24.13 per cent a month earlier, amid skyrocketed prices of staples.
“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 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 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 a 1.89% increase compared to the 16.95% recorded in December 2021,” the report read.
The drop in the inflation rate comes as the Central Bank’s Monetary Policy Committee prepares to meet for the first time this year.
At the meeting, scheduled for next week, the MPC as part of efforts to tame inflation would decide on interest rates in Africa’s largest economy.
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