Inflation: Rate Rises To 15.63% After Months Of Decline

Inflation: Rate Rises To 15.63% After Months Of Decline


Following an eight-month decline, Nigeria’s headline inflation rate has increased to 15.36 percent in December 2021, up from 15.50 percent in November, aso Naija reports

The Federation’s Statistician-General, Simon Harry, made the announcement on Monday during a press conference at the National Bureau of Statistics in Abuja.

Earlier NBS data showed that headline inflation has been on a downward trend since April 2021.

However, the trend was broken in December, when year-on-year inflation rose 0.23 points higher than in November.

Speaking at the briefing, Harry said, “However, it may interest you to note that this trend has been broken by the slight change in the month of December, 2021 as the inflation rate for all items for the month increased to 15.63 per cent, year-on-year.

“Although, this is a decline when compared to the corresponding month in 2020 which recorded 15.75 per cent.

This trend clearly shows an increase from 15.40 per cent recorded in the month of November, 2021 to 15.63% in December, 2021.”

“This is 0.23 per cent points higher than the rate recorded in November, 2021.

He also said that 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.

What do you think?

Written by Elizabeth O.

Oyinlola Elizabeth O. Is a prolific SEO Analyst/content writer who is based vastly on different beats/niches. She is also a metaphysical poet and a chemical scientist with improved knowledge in western modernization/persuasive
essay constructions. Elizabeth O. has helped different websites to generate google ranking
and AdSense.

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

    Mummy G.O allegedly spotted Taking Beer With A Man (Video)

    Federal Govt Indicts Nnamdi Kanu With Fresh Terrorism Charges