Nigeria’s headline inflation fell from 21.47 per cent in November 2022 to 21.34 per cent in December 2022 according to the National Bureau of Statistics.
In 2022, the country’s inflation rate rose from January to November, before falling by 0.13 per cent to 21.34 per cent in December. The NBS explained that while headline inflation fell year-on-year, it increased from 1.39 per cent in November 2022 to 1.71 percent in December 2023.
The statistics body consistently blamed the nation’s woe with inflation in 2022 on the rising cost of importation, currency depreciation, increases in the cost of production, and a foreign exchange crisis.
Commenting on the increase in month-on-month inflation, it said, “Basically, the likely factors responsible for increase in inflation rate in month-on-month can be attributed to the sharp increase in demand usually experienced during the festive season, increase in the cost of production e.g. increase in energy cost, transportation cost, exchange rate depreciation etc.”