Breaking: Nigerian inflation eases to 21.34% in December, marking the first decrease in 11 months
Following ten consecutive months of increases, Nigeria’s inflation rate dropped to 21.34 percent in December from 21.47 percent in November, according to data released on Monday by the National Bureau of Statistics (NBS).
According to the NBS report, despite skyrocketing costs for basics, food inflation decreased to 23.75 percent in December from 24.13 percent a month earlier.
The NBS has linked rising inflation to a strong rise in demand before to the holiday shopping season together with increased production costs.
The NBS stated in its report that “the increases were observed in all… divisions that provided the headline index, most particularly in food & non-alcoholic drinks, transport, and miscellaneous goods & services.”
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