NIGERIA INFLATION RATE RISES IN DECEMBER 2021 AFTER 8 MONTHS OF DECLINE
Written by Samson Ojeniran on January 17, 2022
Nigeria’s inflation rate in the month of December 2021 rose to 15.63% from 15.4% recorded in November 2021, after 8 months of consecutive decline.
This is according to the consumer price index report, released by the National Bureau of Statistics (NBS).
Nigeria’s inflation rate had been on a steady decline in the past 8 months since April 2021, moderating from the highs
recorded in the previous year.
However, the rate had just back-pedalled with an uptick in December 2021.
Food inflation also rose to 17.37% from 17.21% recorded in the previous month while core inflation moved upward from 13.85% recorded in November 2021 to 13.87%.
This rise in the food sub-index was caused by increases in prices of bread and cereals, food product, meat, fish, potatoes, yam and other tubers, soft drinks and fruits.
On the other hand, the highest increases were recorded in prices of Cooking Gas, Liquid fuel, Wine, Actual and imputed rentals for housing, Narcotics, Tobacco, Spirit, Cleaning, repair and hire of clothing, Garments, Shoes and other footwear and Clothing materials, other articles of clothing and clothing accessories.