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The National Bureau of Statistics (NBS) on Monday said inflation rate crashed to 15.63% in December 2021 from 15.75% in November.
It fell by 0.13%, according to the Bureau’s document titled “Consumer Price Index December 2021 Report.”
The NBS said: “The consumer price index, (CPI) which measures inflation increased by 15.63 percent (year-on-year) in December 2021.
“This is 0.13 percent points lower than the rate recorded in December 2020 (15.75) percent.”
The document explained that this is showing a slowing down in the rate when compared to the corresponding period of 2020 .
Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index, said NBS.
It noted that by a 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 recorded in November 2021 (1.08) percent.
The bureau said the percentage change in the average 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 period recorded in November 2021 down by 0.03 percent points.
On a month-on-month basis, the urban index rose by 1.87 percent in December 2021, up by 0.75 the rate recorded in November 2021 (1.12) percent, while the rural index also rose by 1.77 percent in December 2021, up by 0.73 the rate that was recorded in November 2021 (1.04) percent.
On food, the bureau said: “The composite food sub-index rose by 17.37 percent in December 2021 down by 2.19 percent points when compared to 19.56 percent in December 2020.
“This rise in the food sub-index was caused by increases in prices of Bread and cereals, Food product e.g meat, fish, potatoes, yam and other tubers, soft drinks and fruit.”
The document noted that in December 2021, all items inflation on year on year basis was highest in Ebonyi (18.71%), Kogi (18.37%) and Bauchi (17.81%) while Kwara (12.32, Edo (13.46%) and%) Cross River (13.93%) recorded the slowest rise in headline Year on Year inflation.
