NBS: Nigerians Suffer Economic Hardship as Inflation Rate Rises to 15.63%
NIGERIAN MARKET SCENARIO
By Our Reporter
The National Bureau of Statistics (NBS) has said that the inflation rate has risen to 15.63 percent as at December 2021.
The bureau in a report released Monday said the rate is 0.23 percent points higher than the 15.40 percent recorded the previous month November last year.
The report said that rate of inflation was more as at December last year compared with the rate in 2020.
According to the report, increases in prices of goods were recorded in all classes of goods in the market.
Part of the report said, “On month-on-month basis, the Headline index increased by 1.82 percent in December 2021 — this is 0.74 percent rate higher than the rate recorded in November 2021 (1.08) percent,” the report stated.
“The percentage change in the average composite CPI for the twelve-month period ending December 2021 increased by 16.95 percent from 16.98 percent over the average of the CPI for the previous twelve-month period recorded in November 2021 down by 0.03 percent points.”
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