The National Bureau of Statistics NBS on Monday revealed that Nigeria’s inflation rate fell to 23.75% in December 2022, after a straight 10 month increase.
This is coming just as the Central Bank’s Monetary Policy Committee prepares to meet for the first time this year.
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According to the NBS report, Nigeria’s rising inflation was caused by sharp increase in demand ahead of the holiday season amid the rising cost of production.
The report also records that food inflation dropped to 23.75% in December from 24.13% a month before the decline, amid skyrocketed prices of staples.
The NBS observed that the 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%),” it said.
“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).”
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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 per cent).
This means that in the month of December 2022, the general price level was 0.32% higher relative to November 2022.
Similarly, urban inflation stood at 22.01 per cent while rural inflation was 20.72%, the NBS said.
