Nigeria Inflation Rate Quickens to 15.63% in December on Food Prices

Nigeria Inflation Quickens to 15.63% in December on Food Prices

By Sahabi Abdul

Nigeria’s annual inflation edged up to 15.63 percent in December, from 15.40 percent as the impact of the last harvest season wore off.

Food inflation, which has proved to be the main driver of price rises in Nigeria in recent years, rose to 17.4 percent in December from 17.2 percent in the previous month, according to the report published on the website of the National Bureau of Statistics. Food harvests, which began in July across the country, helped to dampen prices.

Price rises were recorded in all the units used to measure the consumer-price index, the Abuja-based agency said.

Still, the numbers show a “slowing down in the rate when compared to the corresponding period of 2020” when the rate was at 15.75 percent, the statistics Bureau said.

The Central Bank of Nigeria has a target to keep the rate of inflation between the band of 6 to 9 percent, a target it hasn’t met for more than six years.