London, Monday, 16 January 2023
In Nigeria, the annual inflation rate decreased to 21.34% in December 2022 from a 17-year high of 21.47% the previous month.
The most significant item in the CPI basket, food prices, which have decreased somewhat since November (24.13% vs. 23.75%), have increased for eleven consecutive months.
Prices increased less for communication (11.2% vs. 11.54%), recreation & culture (15.74% vs. 16.61%), apparel & footwear (17.55% vs. 17.66%), alcoholic drinks, cigarettes, and kola (18.10% vs. 18.48%).
Transport (20.16% vs 19.53%), other goods & services (18.61% vs 18.10%), and education (18.42% vs 17.88%), among other things, all saw price increases.
The annual core inflation rate, which excludes farm products, increased for the ninth consecutive month in December, rising from 18.2% in November to a nearly 16-year high of 18.5%.
Consumer prices increased 1.71% on a monthly basis, the most in four months, after rising by 1.39% the month before.
(Source: National Bureau of Statistics // Report: The Decision Maker - Finance editors)