Breaking: Nigeria’s Inflation Rate Jumps High to 15.63%, NBS

Breaking: Nigeria’s Inflation Rate Jumps High to 15.63%, NBS

  • The inflation rate in Nigeria had slowed, declining to 15.63% percent in December 2021, according to the stats office
  • The National Bureau of Statistics (NBS) made this disclosure in its latest report released on Monday, January 17
  • The NBS attributed this to moderation in the prices of bread and cereals, food product, meat, fish, potatoes, yam and other tubers, soft drinks and fruit

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

This was contained in the recent Consumer Price Index (CPI) report, released by the National Bureau of Statistics (NBS) on Monday, January 17, The Cable reports.

The rate is 0.23 percent points higher than the 15.40 percent recorded in November 2021.

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Breaking: Nigeria’s Inflation Rate Jumps High to 15.63%, NBS
A vendor counts out Nigerian naira banknotes at Idumota market in Lagos, Nigeria, on Thursday, Jan. 6, 2022. Photo credit: Adetona Omokanye/Bloomberg
Source: Getty Images

This implies that prices showed an uptick in December 2021 — but dropped when compared to the corresponding period of 2020.

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According to the report, increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.

States with highest, lowest food inflation rate in Nigeria

Meanwhile, had reported Nigeria's inflation rate rose by 17.33% on a year-on-year basis in February 2021, making it the highest in four years. Last month's rate is 0.86% higher than the 16.47% the Nigerian Bureau of Statistics (NBS) reported in January 2021.

While the lowest inflation rate was recorded by Cross River which experienced a 12.97% inflation increase in February, Kwara State accounted for a 14.25% inflation rate and Enugu State's inflation rate hit 14.73%.

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For food inflation, Kogi State recorded 30.47%, Ebonyi State inflation rose to 25.73%, while in Sokoto State, it increased to 25.68% on a year-on-year basis.

The CBN announces it spent N58.61billion to print 2.518 billion naira notes

In another report, CBN approved an indent of 2,51 billion pieces of banknotes of various denominations in 2020 to satisfy the currency needs of the economy.

The amount spent in 2020 for printing is a significant drop when compared with what CBN spent in 2019, 2018.

CBN also revealed that the notes were printed in the country by the Nigerian Security Printing and Minting Plc (NSPM Plc).


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