Nigeria’s inflation rate rises again as food inflation hits 17.37%

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Nigeria’s inflation rate had been on a steady decline in the past 8 months since April 2021, moderating from the highs recorded in the previous year, however latest statistics by the National Bureau of Statistics (NBS) shows inflation in the month of December 2021 rose to 15.63% from 15.4% recorded in November 2021.

Food inflation also rose to 17.37% from 17.21% recorded in the previous month while core inflation moved upward from 13.85% recorded in November 2021 to 13.87%.

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This rise in the food sub-index was caused by increases in prices of bread and cereals, food products, meat, fish, potatoes, yam and other tubers, soft drinks and fruits.

On the other hand, the highest increases were recorded in prices of Gas, Liquid fuel, Wine, Actual and imputed rentals for housing, Narcotics, Tobacco, Spirit, Cleaning, repair and hire of clothing, Garments, Shoes and other footwear and Clothing materials, other articles of clothing and clothing accessories.

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