After eight months of steady decline, Nigeria’s inflation rose by 1.82 per cent in December 2021, hitting 15.63 per cent, year-on-year.
A consumer price index, CPI, report released by the National Bureau of Statistics, NBS, indicates that the increase is 0.13 per cent points lower than the rate recorded in December 2020 which was 15.75 per cent.
According to the report, this is showing slowing down in the rate when compared to the corresponding period of 2020.
“Increases were recorded in all COICOP divisions that yielded the Headline index. On month-on-month basis, the Headline index increased by 1.82 percent in December 2021, this is 0.74 percent rate higher than the rate recorded in November 2021 (1.08) percent.
“The percentage change in the average composite CPI for the twelve-month period ending December 2021 increased by 16.95 percent from 16.98 percent over the average of the CPI for the previous twelve-month period recorded in November 2021 down by 0.03 percent points.
“Urban inflation rate increased by 16.17 percent (year-on-year) in December 2021 from 16.33 percent recorded in December 2020, while the rural inflation rate increased by 15.11 percent in December 2021 from 15.20 percent in December 2020,” it said.
The bureau further noted that “on a month-on-month basis, the urban index rose by 1.87 percent in December 2021, up by 0.75 the rate recorded in November 2021 (1.12) percent, while the rural index also rose by 1.77 percent in December 2021, up by 0.73 the rate that was recorded in November 2021 (1.04) percent.
“The twelve-month year-on-year average percentage change for the urban index is 17.52 percent in December 2021.
“This is lower than the rate reported in November 17.55 (percent), while the corresponding twelvemonth (month-on-month) average percentage change for rural index inflation rate in December 2021 stood at 16.40 percent from 16.42 percent in November 2021.
