The headline inflation rate in Nigeria dropped to 21.34% in December from 21.47% in November.
According to the latest consumer price index (CPI) report released by the National Bureau of Statistics (NBS) on Monday, CPI decreased by 0.13% compared to a 1.39% increase in the previous month.
The report also revealed that "ember was 1.89%, this was 0.49% higher compared to the rate recorded in November 2022 (1.40%)."
The report attributed the increase in prices of some food items like Oil and fat, Fish, Potatoes & Tubers, Bread & Cereals, and Fruits etc.
Food Inflation Rate by States
Looking at the rate of food inflation on a year-on-year basis was highest in Kwara (27.90%), Imo (26.94%) and Ebonyi (26.28%), while Sokoto (20.90%), Taraba (21.59%) and Cross River (21.71%) recorded the slowest rise in year-on-year food inflation.
However, on a month-on-month basis, "December 2022 food inflation was highest in Sokoto (3.38%), Oyo (3.10%) and Kaduna (2.97%), while Nasarawa (0.06%), Osun (0.70%) and
Kogi (0.76%) recorded the slowest rise on month-on-month inflation," the report said.
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