16th January, 2023
Nigeria’s inflation plummeted for the first time in 11 months with the December 2022 rate standing at 21.34 percent, showing a sign of good thing to come.
This is the first time the country’s inflation has dropped since January 2022. There had been a steady increase from January to November 2022 until it plummeted for the first time in December.
Report released by the National Bureau of Statistics (NBS) on Monday shows that in December 2022, the headline inflation rate eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%.
Looking at the trend, the NBS said December 2022 inflation rate showed a decline of 0.13% when compared to November 2022 inflation rate.
The report reveals however that 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%),” NBS stated.
“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,” it explained.
Nigeria’s inflation rate from January to December 2022:
January: 15.60%
February: 15.70%
March: 15.92%
April:16.82%
May: 17.71%
June:18.60%
July:19.64%
August: 20.52%
September: 20.77%
October: 21.09%
November: 21.47%
December: 21.34%