*As food inflation drops to 23.75% in December
By Joy Obakeye
Nigeria’s headline inflation rate slowed to 21.34 per cent in December 2022 from 21.47 per cent in November, the National Bureau of Statistics (NBS) latest report has revealed.
The NBS disclosed this on Monday in its Consumer price index (CPI) report which measured the monthly change in prices.
The report explained that in December 2022, the headline inflation rate eased to 21.34 per cent compared to November 2022 headline inflation rate which was 21.47 per cent.
“Looking at the trend, December 2022 inflation rate showed a decline of 0.13 per cent when compared to November 2022 inflation rate.”
“However, on a year-on-year basis, the headline inflation rate was 5.72 per cent points higher compared to the rate recorded in December 2021, which was (15.63%). This shows that the headline inflation rate increased in the month of December 2022 when compared to the same month in the preceding year (i.e., December 2021).”
“On a month-on-month basis, the percentage change in the All Items Index in December 2022 was 1.71%, which was 0.32% higher than the rate recorded in November 2022 (1.39%). This means that in the month of December 2022, the general price level was 0.32 per cent higher relative to November 2022.”
The reported noted that the food inflation rate in December 2022 was 23.75 per cent on a year-on-year basis; which was 6.38% higher compared to the rate recorded in December 2021 (17.37%).
“The rise in the food inflation was caused by increases in prices of Bread and cereals, Oil and fat, Potatoes, Yam and other tubers, Fish, Food Product.
“On a month-on-month basis, the food inflation rate in December was 1.89%, this was 0.49% higher compared to the rate recorded in November 2022 (1.40%). This increase was attributed to increase in prices of some food items like Oil and fat, Fish, Potatoes & Tubers, Bread & Cereals, and Fruits etc.”
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The average annual rate of food inflation for the twelve-months ending December 2022 over the previous twelve-month average was 20.94 per cent, which was 0.53 per cent points increase from the average annual rate of change recorded in December 2021 (20.40%).
“The “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 18.49 per cent in December 2022 on a year-on-year basis; up by 4.62 per cent when compared to the 13.87 per cent recorded in December 2021.
“On a month-on-month basis, the core inflation rate was 1.33 per cent in December 2022. It stood at 1.67 per cent in November 2022, down by 0.34 per cent.
The highest increases were recorded in prices of Gas, Liquid fuel, Passenger transport by Air, Vehicles spare parts, Fuels and lubricants for personal transport equipment, Solid fuel etc.
The average 12 months annual inflation rate was 16.08 per cent for the twelve-months ending December 2022; this was 2.91 per cent points higher than the 13.16 per cent recorded in December 2021.
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