Nigeria’s inflation rate increased to 15.63 percent in December 2021.

The revelation was made by the National Bureau of Statistics (NBS) in its newest consumer cost index report, which measures the rate of boost in the price of services and items, in Nigeria.

This is contained in the most recent report launched by the National Bureau of Statistics (NBS). The rate is 0.23 percent points greater than the 15.40 percent taped in November 2021.

This implies that prices of items increased in December 2021 but dropped when compared to the corresponding duration of 2020.

According to the report, boosts were taped in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.

“On month-on-month basis, the Headline index increased by 1.82 percent in December 2021– this is 0.74 percent rate higher than the rate taped in November 2021 (1.08) percent.

The percentage change in the typical composite CPI for the twelve-month period ending December 2021 increased by 16.95 percent from 16.98 percent over the average of the CPI for the previous twelve-month duration tape-recorded in November 2021 down by 0.03 percent points.” the report checked out

ToriNG