The National Bureau of Statistics, NBS, said that headline inflation rate softened year-on-year (YoY) by 13 basis points to 21.34 percent in December from 21.47 percent in November 2022.
In its Consumer Price Index (CPI), report for December 2022 the NBS stated: “In December 2022, the headline inflation rate eased to 21.34 percent compared to November 2022 headline inflation rate which was 21.47 percent.
“On a month-on-month (MoM) basis, the percentage change in the All Items Index in December 2022 was 1.71 percent, which was 0.32 percent higher than the rate recorded in November 2022 (1.39 per cent). This means that in the month of December 2022, the general price level was 0.32 percent higher relative to November 2022”.
On food inflation, NBS said: “The food inflation rate in December 2022 was 23.75 percent on a YoY basis; which was 6.38 percent higher compared to the rate recorded in December 2021 (17.37 percent).
“The rise in the food inflation was caused by increases in prices of bread and cereals, oil and fat, Potatoes, yam and other tubers, fish, food products e.t.c.
“On a month-on-month basis, the food inflation rate in December was 1.89 percent, this was 0.49 percent higher compared to the rate recorded in November 2022 (1.4 percent ). This increase was attributed to increase in prices of some food items like Oil and fat, Fish, Potatoes & Tubers, Bread & Cereals, and Fruits etc.
 by 13 basis points to 21.34 percent in December from 21.47 percent in November 2022.){kind=link}