Nigeria’s inflation rate slows for first time in months

Nigeria’s inflation rate eased to 21.34% in December 2022 from 21.47% in November 2022, first drop in about 11 months.

The National Bureau of Statistics (NBS) in its latest inflation report showed a decline of 0.13% between November and December.

“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.

“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%). 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.”

Latest

DPO killed as herdsmen ambush Benue Police Station

The Divisional Police Officer (DPO) in charge of Naka,...

INEC raises alarm, says fuel scarcity may affect elections

The Independent National Electoral Commission (INEC) has said that...

Obi condemns ‘despicable’ attack on Buhari in Kano

The Labour Party’s Presidential Candidate, Peter Obi has condemned...

Emir of Dutse, Nuhu Sanusi II, is dead

The Emir Of Dutse, the capital city of Jigawa...

Newsletter

Don't miss

DPO killed as herdsmen ambush Benue Police Station

The Divisional Police Officer (DPO) in charge of Naka,...

INEC raises alarm, says fuel scarcity may affect elections

The Independent National Electoral Commission (INEC) has said that...

Obi condemns ‘despicable’ attack on Buhari in Kano

The Labour Party’s Presidential Candidate, Peter Obi has condemned...

Emir of Dutse, Nuhu Sanusi II, is dead

The Emir Of Dutse, the capital city of Jigawa...

PayPal slashes 2,000 jobs in latest tech layoff

PayPal is shedding around 2,000 jobs, or 7% of...

DPO killed as herdsmen ambush Benue Police Station

The Divisional Police Officer (DPO) in charge of Naka, the headquarters of the Gwer West Local Government Area of Benue State, Superintendent of Police...

INEC raises alarm, says fuel scarcity may affect elections

The Independent National Electoral Commission (INEC) has said that the current fuel scarcity in the country might affect logistic arrangements for the February 25...

Obi condemns ‘despicable’ attack on Buhari in Kano

The Labour Party’s Presidential Candidate, Peter Obi has condemned the reported stoning of President Muhammadu Buhari’s convoy in Kano State. Obi and his party regard...
%d bloggers like this: