Nigeria’s inflation rate in the month of December 2021rose to 15.63 per cent from 15.4 per cent recorded in November 2021, after eight months of consecutive decline.
This is according to the consumer price index report, released by the National Bureau of Statistics (NBS).
Nigeria’s inflation rate had been on a steady decline in the past eight months since April 2021, moderating from the highs recorded in the previous year.
However, the rate had just back-pedalled with an uptick in December 2021.
Food inflation also rose to 17.37per cent from 17.21 per cent recorded in the previous month while core inflation moved upward from 13.85per cent recorded in November 2021 to 13.87per cent.
This rise in the food sub-index was caused by increases in prices of bread and cereals, food product, meat, fish, potatoes, yam and other tubers, soft drinks and fruits.
On the other hand, the highest increases were recorded in prices of gas, liquid fuel, wine, actual and imputed rentals for housing, narcotics, tobacco, spirit, cleaning, repair and hire of clothing, garments, shoes and other footwear and clothing materials, other articles of clothing and clothing accessories.