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HomeTop NewsNigeria's headline inflation declines 21.43% in Dec as food inflation jumps ~NBS

Nigeria’s headline inflation declines 21.43% in Dec as food inflation jumps ~NBS

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By Samuel Bankole

Nigeria’s headline inflation declined to 21.43 percent in December, down from 21.47 percent in the previous month, according to the latest data from the National Bureau of Statistics (NBS) on Monday.

This showed 0.13 percent drop in the nation’s consumer inflation figure at the end of last year.

“However, on a year-on-year basis, the headline inflation rate was 5.72 percent points higher compared to the rate recorded in December 2021, which was (15.63 percent).

“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 percent, which was 0.32 percent higher than the rate recorded in November 2022 (1.39 percent).

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“This means that in the month of December 2022, the general price level was 0.32 percent 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 percent, showing 1.89 percent increase compared to the 16.95 percent recorded in December 2021,” the NBS stated in its report.

The report also said that; “Basically, the likely factors responsible to increase in inflation rate in month-on-month can be attributed to the sharp increase in demand usually experience during the festive season, increase in the cost of production e.g. increase in energy cost, transportation cost, exchange rate depreciation etc.

“The food inflation rate in December 2022 was 23.75 percent on a year-on-year basis; which was 6.38 percent higher compared to the rate recorded in December 2021 (17.37 percent). The rise in the food inflation was caused by increases in prices of Bread and cereals, Oil and fat, Potatoes, Yam and other tubers, Fish, Food Product, ETC.

“On a month-on-month basis, the food inflation rate in December was 1.89 percent, this was
0.49 percent higher compared to the rate recorded in November 2022 (1.40 percent). This increase was attributed to increase in prices of some food items like Oil and fat, Fish, Potatoes & Tubers, Bread & Cereals, and Fruits etc.

“The average annual rate of food inflation for the twelve months ending December 2022
over the previous twelve-month average was 20.94  percent, which was 0.53 percent points increase from the average annual rate of change recorded in December 2021 (20.40 percent).”

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