Report released by the National Bureau of Statistics revealed that Nigeria’s inflation rate rose to 15.63 percent in December 2021 from 15.40 percent recorded in November.
The headline inflation has been on a downward trend since April 2021. The trend however, was broken in December when year-on-year inflation climbed 0.23 points higher than the figure recorded in November.
According to the Statistician-General of the Federation, the change in the declining trend might have been caused by the increase in prices of goods and services driven by increased demand in December 2021, being a festive season.