The headline inflation rate in Nigeria decelerated for the first time in 11 months to 21.34 percent in December 2022, compared to 21.47 percent recorded in November 2022, data released on Monday by the National Bureau of Statistics (NBS) have shown.
Food inflation also slowed to 23.75 percent in December from 24.13 percent.
The December 2022 inflation rate figure showed a decline of 0.13 percent when compared to November 2022 inflation rate.
However, on a year-on-year basis, the headline inflation rate was 5.72 percent higher compared to the 15.63 percent recorded in December 2021.
According to the NBS, this shows that the headline inflation rate increased in the month of December 2022 when compared to the same month in the preceding year, December 2021.
The NBS stated that 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 1.39 percent rate recorded in November 2022.
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 12 months ending December 2022 over the average of the CPI for the previous 12 months period was 18.85 percent, showing 1.89 percent increase compared to the 16.95 percent recorded in December 202, the NBS further explained.
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