The National Bureau of Statistics, NBS has actually exposed that Nigeria’s heading inflation increased to 28.92 percent in December from the 28.20 percent taped in November 2023.
The report, launched by the data bureau on Monday, detailed that food likewise increased to 33.93 percent from the 32.84 percent tape-recorded in November 2023.
The bureau even more detailed that on a year on year basis, the nation’s inflation increased by 7.58 percent from the 21.34 percent tape-recorded in December 2022 to 28.92 percent in December 2023.
“In December 2023, the heading inflation rate increased to 28.92% relative to the November 2023 heading inflation rate, which was 28.20%. Taking a look at the motion, the December 2023 heading inflation rate revealed a boost of 0.72% points when compared to the November 2023 heading inflation rate,” the report read.
On a year on year basis, the nation’s “inflation rate was 7.58% points greater compared to the rate taped in December 2022, which was 21.34%. This reveals that the heading inflation rate (year-on-year basis) increased in December 2023 compared to the very same month in the preceding year (i.e., December 2022).
“Furthermore, on a month-on-month basis, the heading inflation rate in December 2023 was 2.29%, which was 0.20% greater than the rate taped in November 2023 (2.09%). This indicates that in December 2023, the rate of boost in the typical cost level is more than the rate of boost in the typical cost level in November 2023.”
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