- The inflation rate for December 2022 dropped to 21.34% from 21.47% recorded in November, according to new NBS data.
- The prices of major staple food items continue to push northward in major markets in Lagos, as a result of the biting inflation.
- Nigeria has been struggling with a double-digit inflation rate since February 2016 which rose to the highest in 17 years at 21.47% in November.
To the surprise of many Nigerians, the country’s inflation rate for the month of December eased to 21.34% from November’s 21.47%. This is in spite of the Christmas and New year festivities.
According to the report released by the National Bureau of Statistics (NBS), the December rate, even though amounts to a drop of 0.12% points from that of November of the same year, it reflects a 5.72% points increase when compared to 15.63% recorded in December 2021.
