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UPDATE: Nigeria’s inflation rate surged after eight months of decline–Statistician General

T.I Ukende
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Nigeria’s Statistician General, Dr. Simon Harry.

Following eight months of decline, Nigeria’s financial expansion rate (inflation) increased to 15.36 percent in December 2021, from 15.50 percent recorded in November.

The Statistician-General of the Federation, Simon Harry, uncovered this on Monday during a press briefing at the National Bureau of Statistics, Abuja.

Prior information from the NBS showed that the inflation rate has been on a descending direction since April 2021.

Be that as it may, the pattern was broken in December when year-on-year expansion climbed 0.23 focuses higher than figures recorded in November.

Speaking at the briefing, Harry said, “Notwithstanding, it might interest you to note that this pattern has been broken by the slight change in the long stretch of December, 2021 as the expansion rate for all things for the month expanded to 15.63 percent, year-on-year.

“Albeit, this is a decline when contrasted with the comparing month in 2020 which recorded 15.75 percent.

“This pattern plainly shows an increment from 15.40 percent recorded in the long stretch of November, 2021 to 15.63% in December, 2021.”

“This is 0.23 percent focuses higher than the rate recorded in November, 2021.

He added that the adjustment of the declining pattern may have been brought about by the increment in costs of labor and products driven by expanded interest during the month under survey, being a merry season.

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