INFLATION RATE RISES TO 15.63% AFTER 8-MONTH DECLINE

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Inflation
Food prices surge in newly released NBS inflation report

Following the eight-month decline trajectory beginning in April 2021, Nigeria’s inflation rate has taken a turn rising to 15.63% in December 2021 from 15.40% in November 2021. This was noted in the December 2021 Consumer Index Report released by the National Bureau of Statistics.

Food inflation also rose to 17.37% from 17.21% recorded in the previous month while core inflation moved upward from 13.85% recorded in November 2021 to 13.87%.

According to the Statistician-General of the Federation, Dr. Simon Harry, the change in the declining trend might have been caused by the increase in prices of goods and services driven by increased demand during the month under review, being a festive season.

 

 

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