According to the National Bureau of Statistics, Nigeria’s inflation rate has finally increased after over eight months of continuous downfall, and now it has bounced by 15.63 percent.
However, this has increased by 0.23 percentage points or 23 basis points over its climax value in November of 2021, when it shut at 15.40 per cent.
According to the sources, on a year-on-year ground, the new figure is the decline of 0.12 allocation points compared to 15.75 per cent in the same month of last year (2020).
Meanwhile, during the last eight years, Nigeria’s inflation rate has continuously declined since last April, negotiating from the highs recorded in the previous year. However, the rate had just back-tracked with an uptick in December 2021.
On a month-to-month basis, the headline index grew by 1.82 per cent in December 2021. This is 0.74 per cent higher than the rate recorded in November 2021 (1.08%).
For the time being, the urban inflation rate was raised by 16.17% (year-on-year) in December 2021 from 16.33 per cent registered in December 2020, while the rustic inflation rate was boosted by 15.11 per cent in December 2021 from 15.20 per cent in December 2020.
Food inflation, which accounts for all flammable agricultural produce, raised by 0.16 per cent, points to 17.37 per cent in December 2021 compared to 17.21 per cent recorded in the earlier month.
Monthly, the foodstuffs sub-index rose by 2.19 per cent in December 2021, up by 1.12 per cent, from 1.07 per cent recorded in November 2021.
According to the Sources, this rise in the food industry was caused by increases in prices of bread and butter, various food products, meat, fish, potatoes, yam and other tubers, soft drinks, and fruit.
The intermediate annual rate of changing food sub-index for the twelve months ending December 2021 over the previous twelve-month average was 20.4 per cent, 0.22 per cent points lower from the average annual rate of change recorded in November 2021.