Nigeria’s Inflation Rate Drops to 21.34% in December 2022

Nigeria’s Inflation Rate Drops to 21.34% In Dec 2022 (News Central TV)

Nigeria’s inflation rate decreased for the first time in roughly 11 months in December 2022, from 21.47% in November.

In its most recent report on inflation, the National Bureau of Statistics (NBS) noted a decrease of 0.13% between November and December.

Compared to November 2022, the rate dropped by 0.12% points, representing a 5.72% points increase compared to 15.63% recorded in the corresponding period of last year. 

“In December 2022, the headline inflation rate eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%,” the NBS report partly read.

“Looking at the trend, December 2022 inflation rate showed a decline of 0.13% when compared to November 2022 inflation rate.

Your Friends Also Read:  Focus: Improving Access to Quality Public Education in Africa

“However, on a year-on-year basis, the headline 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 the month of 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 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.”

Your Friends Also Read:  Nigeria: Court Denies Bail to Separatist IPOB Leader Again

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.



Leave a Reply

Previous Article
Will Smith’s Oscars Ban Was Too Harsh – Richard Williams

Will Smith’s Oscars Ban Was Too Harsh- Richard Williams

Next Article
Gambia Ex-Minister in Swiss Probe (News Central TV)

Switzerland Investigate Gambia's Ex-Minister for Alleged Crimes

Related Posts