Nigeria’s inflation rate increses to 15.6%

The recently released figures now show that the country’s inflation figures now stand at 15.6%, a 0.2% increase from the 15.4% that the figures stood at when it was last released in November 2021.

In explaining the figures, the report stated, “The 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. 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 according to Purpose, COICOP, divisions that yielded the Headline index.”

With food inflation being the most prominent it has been recently, the report also touched on the sharp increase being experienced with food prices, “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 products, meat, fish, potatoes, yam and other tubers, soft drinks and fruit.”