Inflation eases to 21.34% in December 2022

• Published date: 16 January 2023
• Publication title: Nigeria - The Nation

The inflation rate eased by 0.13% in December 2022 from 21.47% in November 2022 to 21.34% in December 2022.

It was the first time that the rate was reduced in the last 11 months.

The National Bureau of Statistics (NBS) broke the news in its 'CPI December 2022 Report' on Monday.

The document said: 'In December 2022, the headline inflation rate eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%.

Looking at the trend, December 2022 inflation rate showed a decline of 0.13% when compared to November 2022 inflation rate.'

NBS said however on a year-on-year basis, the headline inflation rate was 5.72% points higher com-

pared to the rate recorded in December 2021, which was (15.63%).

According to the report, this shows that the headline inflation rate increased in the month of December 2022 when compared to the same month in the preceding year (i.e., December 2021).

NBS also explained: 'On a month-on-month basis, the percentage change in the All Items Index in December 2022 was...