Home Business Nigeria’s annual inflation rate rises after 8 months decline in 2021

Nigeria’s annual inflation rate rises after 8 months decline in 2021

inflation - LagosPost.ng

The National Bureau of Statistics (NBS) has announced that Nigeria’s annual inflation rate rose for the first time in eight months following a consecutive fall for eight months.

The NBS on Monday noted that inflation rose to 15.63 per cent in December 2021 compared to 15.40 per cent in November.

The Consumer Price Index statistics on goods and services increased by 15.63 per cent in December 2021 when compared to December 2020.

“This is 0.13 per cent points lower than the rate recorded in December 2020 (15.75) per cent,” it said.

“This is showing a slowing down in the rate when compared to the corresponding period of 2020.

In contrast, comparing the rate to the previous month’s performance shows that the rate has risen. Also, comparing the change in prices between December and November (month-on-month) shows that the headline index rose by 1.82 per cent in December 2021 it was 1.08 per cent in November.

According to the NBS, food inflation rose by 17.37 per cent in December 2021, down by 2.19 points from December 2020, when it rose by 19.56 per cent.

The rise was in part driven by a continued surge in food inflation.

According to the NBS, the increase in the food index was due to increases in prices of bread, cereals, food products, meat, fish, potatoes, yams, and other tubers, as well as soft drinks and fruits.

The report added that the food sub-index rose by 2.19% on a month-over-month basis in December 2021, up from 1.079% in November 2021.

“The average annual rate of change of the Food sub-index for the twelve months ending December 2021 over the previous twelve-month average was 20.40 per cent, 0.22 per cent points lower from the average annual rate of change recorded in November 2021 (20.62) per cent,” it said.

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