The National Bureau of Statistics has revealed that Nigeria’s inflation rate dropped to 21.34% in December 2022 from 21.47% in November 2022.
It is the first decline in inflation recorded in about 11 months.
Looking at the trend, December 2022 inflation rate showed a decline of 0.13% when compared to November 2022 inflation rate.
“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.”
