INFLATION up sharply in December   

Jan 17 (Lagos) - The National Bureau of Statistics (NBS) published consumer prices for December 2021 today, which showed that the Inflation rate rose 15.63% y/y in December vs versus +15.40% y/y in November.

The headline inflation rate for December 2021 grew by 15.63% y/y, higher than 15.40% in November 2021. Similarly, on a month-on-month basis, consumer prices grew by 1.82% (an increase of 74bps from 1.08% recorded in November 2021).

The composite food sub-index for December 2021 rose by 17.37% y/y (vs. 17.21% in November 2021), while the All items less farm produce sub-index also expanded 13.87% y/y (vs. 13.85% in November 2021)

The NBS said food inflation, which is the composite food index, rose by 17.37 per cent in December 2021, down by 2.19 per cent points when compared to 19.56 per cent in December 2020.

The urban inflation rate grew by 16.17% y/y (an increase of 25bps from 15.92% recorded in November 2021)

The rural inflation rate rose by 15.11% y/y (a 22bps expansion from 14.89% recorded in November 2021)
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