After an eight-month steady decline, Nigeria’s inflation rate picked up in December 2021. Though the increases were marginal, it ended the reign of the season of decline.
Headline inflation which measures general inflation increased from 15.4% in November 2021 to 15.63% in December 2021. This shows a marginal increase in the rate by 0.23%.
Food inflation also went up in December to end its eight-months decline. The rate increased from 17.21% in November 2021 to 17.37% in December 2021.
Core inflation which has been more volatile with its movement continued its upward trend as in the last three months. The rate increased from 13.85% in November 2021 to 13.87% in December 2021.
There have been questions around the decreasing official inflation rates in the last 8 months and increasing market prices, and these December figures might be truer to Nigerians’ experiences in the markets.
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