Nigeria’s Inflation Rate Rises After 8-month Decline

• Nigeria’s annual inflation rate has gone up after a period of 8 months of consecutive decline

• The National Bureau of Statistics reported that the Nation’s inflation was 15.63 percent in December, rising from 15.4 percent in November

• The statistic indicates that the prices of consumer goods went up 15.63 percent in December 2021 in comparison to December 2020

Nigeria’s annual inflation rate has gone up for the first time in 8 months, after declining consecutively during that period.

According to the National Bureau of Statistics, the inflation rate for December 2020 was 15.63% up from 15.40% in the previous month.

The statistic provider revealed that this indicated that the prices of goods and services went up 15.63 percent in December 2021 when compared to December 2020.

This shows that the rate slowed down when compared with the corresponding period of 2020 but its year-on-year performance indicates an increase.

The surge in food inflation was said to be primarily responsible for the overall inflation increase in the country.

The NBS revealed that food inflation rose by 17.37 in December 2021, down by 2.19 percent when compared to the 19.56 percent points in December 2020.

Read also: Nigeria Reaches 17.5 Million Vaccination Milestone

The report also disclosed that the rise in the food index was caused by increases in the price of food items such as bread, fish, meat, potatoes, yam, and fruits.

On a month-on-month basis, the food sub-index increased by 2.19 percent in comparison to November 2021 inflation rate.

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