The Nigerian National Statistical Office (NSO) has released new data on inflation in the country, showing that the Consumer Price Index (CPI) rose to 21.34% in December, up from 21.47% in November. The CPI is used as a measure of inflation and its increase highlights the ongoing inflation crisis in Nigeria.
Despite this, the NSO also reported a slight decrease in the food price index, which fell to 23.75% in December, down from 24.13% in November. This may bring some relief to Nigerian households, who have been significantly impacted by the rising cost of living.
The NSO has urged the government to take action to address the inflation crisis, which has been driven by a combination of factors including food and energy shortages, exchange rate fluctuations and supply chain disruptions. Experts are closely monitoring the situation and hope that the decrease in food prices is a sign of a stabilization in the inflation rate.