The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate declined to 21.34 percent on a year-on-year basis in December 2022, while food inflation rate in December 2022 was 23.75 percent on a year-on-year basis.This is according to the NBS Consumer Price Index (CPI) and Inflation report for December 2022 released in Abuja on Monday.
The report said that food inflation rate in December 2022 was 23.75 percent on a year-on-year basis; which was 6.38 percent higher compared to the 17.37 percent rate recorded in December 2021.
The report indicated that the rise in food inflation was due to increases in the prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, and food products.
”On a month-on-month basis, the food inflation rate in December was 1.89 percent, this was 0.49 per cent higher compared to the 1.40 percent rate recorded in November 2022.
”This increase was attributed to increase in prices of some food items like oil and fat, fish, potatoes and tubers, bread and cereals, and fruits.
The report said that the rate showed a decline of 0.13 percent when compared with the November 2022 rate of 21.47 percent.
The report said that on a year-on-year basis, the headline inflation rate was 5.72 percent points higher when compared with the rate recorded in December 2021, which was 15.63 percent.
The report said the percentage change in the average CPI for the twelve months ending December 2022 over the average of the CPI for the previous twelve months period was 18.85 percent.
The report said the change showed 1.89 percent increase compared to the 16.95 percent recorded in December 2021.
”On a month-on-month basis, the percentage change in the all items index in December 2022 was 1.71 percent which is 0.32 percent higher than the rate recorded in November 2022 of 1.39 percent.
”This means that in the month of December 2022, the general price level was 0.32 percent higher relative to November 2022.
”The increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
”This is especially in food and Non-Alcoholic Beverages, Transport and Miscellaneous Goods and Services,” it said.
”The urban inflation rate was 22.01 percent. This was 5.85 percent higher compared to the 16.17 percent recorded in December 2021.
”On a month-on-month basis, the urban inflation rate was 1.80 percent in December 2022, 0.31 percent higher compared to 1.50 percent rate in November 2022.
”The corresponding twelve-month average for the urban inflation rate was 19.38 percent in December 2022.
”This was 1.86 percent higher compared to the 17.52 percent reported in December 2021,” the report said.
The report said the rural inflation rate in December 2022 was 20.72 percent on a year-on-year basis, 5.61 per cent higher compared to the 15.11 percent recorded in December 2021.
It said that on a month-on-month basis, the rural inflation rate in December 2022 was 1.63 percent up by 0.33 percent compared to 1.30 percent rate of November 2022.
”The corresponding twelve-months average for the rural inflation rate in December 2022 was 18.34 percent.
”This was 1.94 percent higher compared to the 16.40 percent recorded in December 2021,” the report said.
