Nigeria’s inflation dipped in December to 21.34 per cent from 21.47 per cent in November after 10 straight monthly increases, the National Bureau of Statistics (NBS) said on Monday.
The NBS report stated that food inflation dropped to 23.75 per cent in December from 24.13 per cent a month earlier, amid skyrocketed prices of staples.
The NBS had attributed rising inflation to a sharp increase in demand ahead of the holiday season amid the rising cost of production.
“The increases were recorded in all … divisions that yielded the headline index most especially in food & non-alcoholic beverages, transport and miscellaneous goods & services,” the NBS said in its report.
The drop in the inflation rate comes as the Central Bank’s Monetary Policy Committee prepares to meet for the first time this year.
At the meeting, scheduled for next week, the MPC as part of efforts to tame inflation would decide on interest rates in Africa’s largest economy.
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