Nigeria’s inflation rate rises to 15.63%

The consumer price index, which measures the rate of increase in the price of goods and services, in Nigeria, increased to 15.63 percent in December 2021.

This is contained in the latest report released by the National Bureau of Statistics (NBS). The rate is 0.23 percent points higher than the 15.40 percent recorded in November 2021. This implies that prices of goods increased in December 2021 but dropped when compared to the corresponding period of 2020.

According to the report, increases were recorded 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 recorded in November 2021 (1.08) percent.

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.” the report read.