Nigeria’s Inflation Rate Slides To 21.34% In December 2022
The National Bureau of Statistics (NBS) on Monday reported that the nation’s Consumer Price Index (CPI), which measures general price level in the economy, eased to 21.34 per cent in December 2022, down from 21.47 per cent recorded in the preceding month.
The latest rate, which represents a 0.12 per cent points lower than the November inflation rate, is the first time that the country’s inflation rate dropped on a month-on-month basis over the past eleven months.
The NBS report reflected, however, that on a year-on-year basis, the 21.34 per cent inflation rate in December 2022 represented a 5.72 per cent points decrease when compared to 15.63 per cent recorded in corresponding month of 2021.
The data showed that in the month under review, food inflation fell to 23.75 per cent from 24.13 per cent recorded in the previous month.
According to the Nigeria’s official statistics coordinating agency’s report, on the other hand, the “All items Less Farm Produce’’ index or Core inflation, which excludes the prices of volatile agricultural produce, slightly surged to 18.49 per cent in December, indicating a 24.8 basis points higher when compared to the 18.24 per cent recorded in the preceding month.
The Bureau further reported that on a month-on-month basis, the percentage change in the All Items Index in December 2022 was 1.71 per cent which was 0.32per cent higher than the 1.39 per cent rate recorded in November 2022.
The “All items Less Farm Produce’’ data also indicated that in the month of December 2022, the general price level was 0.32 per cent higher relative to November 2022.
The statistics agency further clarified: “The percentage change in the average CPI for the 12-month ending December 2022 over the average of the CPI for the previous 12-month period was 18.85 per cent, showing a 1.89 per cent increase compared to the 16.95 per cent recorded in December 2021.”