Nigeria’s inflation rate in December 2021 rose to 15.63%, from 15.4% recorded in November 2021, after 8 months of consecutive decline.
This is according to the consumer price index report released by the National Bureau of Statistics, (NBS).
The nation’s inflation rate had been on a steady decline in the past 8 months since April 2021, moderating from the highs recorded in the previous year. However, the rate had just back-pedalled with a slight increase in December, 2021.
Food inflation, which accounts for all volatile agricultural produce, increased by 0.16% points to 17.37% in December 2021, when compared to 17.21% recorded in the previous month.
On the other hand, the highest increases were recorded in prices of Gas, Liquid fuel, Wine, Actual and imputed rentals for housing, Narcotics, Tobacco, Spirit, Cleaning, repair and hire of clothing, Garments, Shoes and other footwear and clothing materials, other articles of clothing and clothing accessories.
The increase in the inflation rate implies that the purchasing power of Nigerians is being eroded and was worse during the Christmas and New year celebrations as demand for products surged across the country.
