Nigeria’s inflation rate in December 2022 eased to 21.34%.
According to the report released by the National Bureau of Statistics (NBS), on Monday, Inflation reduced by 0.13% compared to November 2022 inflation rate which was 21.47%.
The report indicates that this is the first decrease after 10 consecutive increases.
However, on a year-on-year basis, the inflation rate was higher by 5.72% compared to the 15.63% recorded in December 2021.
” The likely factors responsible for the decrease on month-on-month basis, can be attributed to the sharp increase in demand usually experience during the festive season, increase in the cost of production e.g. increase in energy cost, transportation cost and exchange rate depreciation”, the report reads in part.
Urban and Rural Inflation
Also in the report, Urban Inflation on a year-on-year basis, was put at 22.01%. This was 5.85% higher compared to the 16.17% recorded in December 2021.
On a month-on-month basis, the urban inflation rate rose to 1.80% in December 2022. This was 0.31% higher compared to November 2022 (1.50%).
In the month under review, the rural inflation rate was 20.72% on a year-on-year basis; this was 5.61% higher compared to the 15.11% recorded in December 2021.
On a month-on-month basis, rural inflation rate for December was 1.63%, up by 0.33% compared to November 2022 (1.30%).
Writing by Annabel Nwachukwu; Editing by Abdullahi Lamino