Nigeria’s inflation falls for first time in 11 months

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Nigeria’s headline inflation rate slowed to 21.34 percent in December 2022 from 21.47 percent in the previous month, according to the latest Consumer Price Index report released by the National Bureau of Statistics on Monday.

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Food inflation also slowed to 23.75 percent in December from 24.13 percent.

Nigeria’s headline inflation quickened its pace further, rising to a new high of 21.47 percent in November 2022 from 21.09 percent in October 2022 according to the NBS.

This is a 6.07 percent increase compared to November 2021’s 15.40 percent. This means that in the month of November 2022, the general price level was 6.07 percent higher relative to November 2021. This is the highest peak in at least 17 years.