Bread and cereals, meat, fish and other foods explained the increase in food inflation in December 2021 to 17.37%, while headline inflation rose to 15.63%.
Harry said there was a 0.16 per cent increase from the 17.21 per cent recorded for food inflation in November 2021.
It said headline inflation rose 0.23 percent in December from 15.40 percent in November due to higher prices for goods and services as a result of increased demand over the holiday season.
It added that the nation had maintained a consecutive decline in year-over-year headline inflation over an eight-month period from April to November.
“The change in the downward trend for about eight months could have been caused by the increase in the prices of goods and services as a result of their increased demand during the month under review, being a festive season.”
However, he said that month by month, the general index increased 1.82 percent in December, a rate 0.74 percent higher than that registered in November, which stood at 1.08 percent.
“The urban inflation rate increased to 16.17% (year-on-year) in December from 16.33% in December 2020, down 0.16%, while the rural inflation rate increased to 15.11% in December 2021 from 15.20%. percent in December 2020, which was lower by 0.09 percentage points.
“The corresponding 12-month year-over-year average percentage change for the urban index was 17.52 percent in December 2021.
“This is lower than the rate reported in November of the same year, which was 17.55%, while the corresponding 12-month (monthly) average percentage change for the rural index inflation rate in December 2021 was 16.40%. of 16.42 percent in November”.
The Statistician General said that “All items except agricultural products” or core inflation, which excludes prices of volatile agricultural products, stood at 13.87% in December 2021, 2.50% higher than the 11.37% registered. in December 2020.
It added that on a month-on-month basis, the core sub-index rose to 1.12 percent in December, down 0.13 percent compared to 1.26 percent in November.
“The largest increases were recorded in the prices of gas, liquid fuels, wine, real and imputed housing rentals, narcotics, tobacco, liquor, cleaning, repair and clothing rental.
“Others are clothing, shoes and other items for footwear and clothing, other clothing and clothing accessories.”
However, he said he expects a gradual decline in the numbers from January 2022 as prices for goods and services were expected to start to decline.
This, he said, would set the nation back on the trajectory of persistent decline that was recorded in 2021.
He said the details were necessary to increase statistical users’ confidence in the published numbers and to educate Nigerians about the importance of such numbers in determining the performance of each successive government.
Harry said this had enabled the office to produce statistics with integrity and in line with the reality on the ground.
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