Nigeria’s inflation dropped to 21.34 per cent in December 2022 from 21.47 per cent recorded in November.
The National Bureau of Statistics (NBS) disclosed this on Monday in its latest consumer price index (CPI) report.
This is the first time Nigeria’s headline inflation rate dropped on a month-on-month basis in the last eleven months.
The December rate dropped by 0.12 per cent points, compared to November 2022, representing a 5.72 per cent points increase compared to 15.63 per cent recorded in the corresponding period in the previous year.
Food inflation, according to the NBS, also dropped to 23.75 per cent in December 2022 from 24.13 per cent recorded in the previous month.
The “All items less farm produce’’ index or Core inflation, which excludes the prices of volatile agricultural produce, stood at 18.49 per cent in December 2022. This is 24.8 basis points higher when compared to the 18.24 per cent recorded in November 2022.
