Nigeria’s food inflation rate fell to 23.75% in December 2022, down from 24.13 percent in November 2022.
In its Consumer Price Index (CPI) report for December 2022, the National Bureau of Statistics (NBS), which released this information on January 16, 2023, noted that food inflation was 23.75% in December 2022, down from 24.13% in November 2022
Trend analysis also indicated that the December 2022 food inflation rate showed a decline of 1.60% when compared to the November 2022 food inflation rate. In addition, the headline inflation rate in Nigeria in December 2022 fell to 21.34% from 21.47% in November 2022.
The Rate Captain Analyst claims that the rise in crop yields and a high level of productivity in the nation’s agriculture sector are to account for the decline in the rate of food inflation.
Key Takeaway
On a year-on-year basis, the food inflation rate was 26.7% points higher compared to the rate recorded in December 2021, which was 17.37%. This shows that the food inflation rate increased by 34.94% in December 2022 when compared to the same month of 2021
On a month-on-month basis, the percentage change in the All Items Index in December 2022 was 1.71%, which was 0.32% higher than the rate recorded in November 2022 was 1.39%.
This means that in December 2022, the general price of food level was 1.6% lower relative to November 2022. The percentage change in the average CPI for the twelve months ending December 2022 over the average of the CPI for the previous twelve months period was 18.85%, showing a 1.89% increase compared to the 16.95% recorded in December 2021.
