Yuletide Spendings Push Inflation Up To 15.63% In December

The huge spending by Nigerians during the Christmas and New Year celebrations may have pushed the country’s inflation higher to 15.63 per cent in December, according to data released by the National Bureau of Statistics.

The NBS in its Consumer Price Index report which it released on Monday, stated that the 15.63 per cent year-on-year inflation rate was 0.23 percent points higher than the 15.40 per cent recorded in November, 2021.

The Report said, “Headline inflation for the month of December was 15.63 per cent, while that of November was 15.40 per cent

“Core inflation for December was 13.87 per cent, while that of November was 13.85 per cent. Food inflation for December was 17.37 per cent, while 17.21 per cent was recorded for November, 2021.”

The Report stated further that urban inflation for December was 16.17 per cent while November index was put at 15.92 per cent.

On the other hand, it explained that rural inflation was 15.11 per cent and 14.89 per cent in December and November, 2021 respectively.

On State by State comparison, the Report said that inflation was highest in Ebonyi State with 18.71 per cent, while Kwara State was recorded as the lowest with 12.32 per cent.

On the other hand, Food inflation was highest in Kogi State with 22.82 per cent, while Edo State was the lowest with 13.24 per cent.

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