THE National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate eased to 21.34 per cent, compared to the November 2022 headline rate, which was 21.47 per cent.
The development showed a marginal decline of 0.13 per cent when compared to the November 2022 inflation rate.
On a month-on-month basis, that was the first time the inflation rate decreased over 11 months.
The latest figure, however, was still high when compared to the December 2021 figure, when the rate stood at 15.63 per cent before dropping to 15.60 per cent in January 2022.
“However, on a year-on-year basis, the headline inflation rate was 5.72 per cent points higher compared to the rate recorded in December 2021, which was (15.63 per cent). 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),” the NBS report read.
It added that on a month-on-month basis, the percentage change in the ‘all items index’ in December 2022 was 1.71 per cent, which was 0.32 per cent higher than the rate recorded in November 2022 (1.39 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,” the NBS stated.
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The Bureau also said food inflation eased to 23.75 per cent in the month under review, a decrease compared to the 24.13 per cent recorded in the preceding month.
But on a year-on-year basis, the figure was 6.38 per cent higher in relation to December, 2021.
“The food inflation rate in December 2022 was 23.75 per cent on a year-on-year basis, which was 6.38 per cent higher compared to the rate recorded in December 2021 (17.37 per cent).
“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 per cent. This was 0.49 per cent higher compared to the rate recorded in November 2022 (1.40 per cent). This increase was attributed to increase in prices of some food items like oil and fat, fish, potatoes & tubers, bread and cereals, and fruits etc,” the statistics body stated.
The report added that the average annual rate of food inflation for the 12 months ending December 2022 over the previous 12-month average was 20.94 per cent, which was a 0.53 per cent points increase from the average annual rate of change recorded in December 2021 (20.40 per cent).