NAIRAMETRICS
The National Bureau of Statistics (NBS) is set to release the official consumer price index (CPI) report, which measures the level of inflation in the country for the month of December 2022, and experts have weighed on the possible direction of the highly anticipated report.
In the previous month, Nigeria’s inflation rate hit a new 17-year high of 21.47% as a result of the sustained energy crisis, surge in food prices, and exchange rate quagmire. According to the NBS, the increase in the inflation rate was driven both by the core and the food basket.
Specifically, the core inflation rose to 18.24% in the month of November from 17.76% recorded in the previous month, while the food inflation rate galloped to 24.13% compared to 23.72% recorded in the prior period.
Further checks reveal that the increase in the food index was driven by an increase in the price of bread, tubers, and cereals. On the other hand, the surge in the price of gas, liquid fuel, air transport, and other energy products drove the rise in the core index.
