The inflation rate in Nigeria decreased to 21.34 percent for the first time in 11 months. Up until November 2022, when it hit 21.47 percent, the nation’s inflation rate had increased for ten straight months. In its most recent report released, the National Bureau of Statistics stated that the country’s inflation decreased by 0.13% between November and December.
The headline inflation decreased to 21.34% in December 2022 from 21.47% in November 2022, according to the report. Looking at the trend, the inflation rate for December 2022 decreased by 0.13% from the inflation rate for November 2022.
However, the headline inflation rate was 5.72% points higher year over year than the rate seen in December 2021, which was recorded at (15.63%).
