Nigeria’s headline inflation fell from 21.47 per cent in November 2022 to 21.34 per cent in December 2022 according to the National Bureau of Statistics.
In 2022, the country’s inflation rate rose from January to November, before falling by 0.13 per cent to 21.34 per cent in December. The NBS explained that while headline inflation fell year-on-year, it increased from 1.39 per cent in November 2022 to 1.71 per cent in December 2023.
Headline inflation in Nigeria rose from 15.60 per cent in January 2022 to 21.34 per cent in December 2022. In its ‘Consumer Price Index ,’ the NBS said, “In December 2022, the headline inflation rate eased to 21.34 per cent compared to November 2022 headline inflation rate which was 21.47 per cent. “This means that in the month of December 2022, the general price level was 0.32 per cent 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 per cent, showing 1.89 per cent increase compared to the 16.95 per cent recorded in December 2021.”
Nigeria has been ravaged by rising inflation in recent times. Recently, the World Bank disclosed that the country is in a worsening situation, with economic performance becoming weaker as inflation persists.
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