The National Bureau of Statistics (NBS) said Nigeria’s nflation rate dropped from 21.43 to 21.34 percent in December 2022, the first drop in about 11 months.
This was revealed in an inflation report released by the bureau, on Monday.
The NBS said in December 2022, the headline inflation rate eased to 21.34% compared to November 2022 headline inflation rate.
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On a year-on-year basis, inflation rate rose 5.72 per cent higher compared to the rate recorded in December 2021, which was (15.63 per cent).
Food inflation in December 2022 was 23.75 percent on a year-on-year, 6.38 percent higher than the 17.37 percent recorded in December 2021.
The NBS had attributed the rising inflation to an increase in demand ahead of the holidays while there was an increase in the cost of production.
“The increases were recorded in all … divisions that yielded the headline index most especially in the food & non-alcoholic beverages, transport and miscellaneous goods & services,” the report read.
