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Nigeria’s inflation falls for first time in 11 months

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Nigeria’s headline inflation rate slowed to 21.34 percent in December 2022 from 21.47 percent in the previous month, according to the latest Consumer Price Index report released by the National Bureau of Statistics today.

Read also: Nigeria’s inflation hits 21.47%, highest in 17 years

Food inflation also slowed to 23.75 percent in December from 24.13 percent.

“Basically, the likely factors responsible for the increase in inflation rate can be attributed to the sharp increase in demand usually experienced during the festive season, increase in the cost of production e.g. increase in energy cost, transportation cost, exchange rate depreciation etc,” the NBS said.

Food inflation also slowed to 23.75 percent in December from 24.13 percent.