For the first time in 11 months, inflation dipped to 21.34 per cent in Nigeria, according to the National Bureau of Statistics (NBS).
The inflation rate has been on a steady rise in from January to November, last year, but dropped to 21.34 per cent in December as against 21.47 per cent in November.
The NBS report said that food inflation dropped to 23.75 per cent in December from 24.13 per cent a month earlier, amid skyrocketed prices of staples.
The NBS had attributed rising inflation to a sharp increase in demand ahead of the holiday season amid the rising cost of production.
“The increases were recorded in all … divisions that yielded the headline index most especially in food & non-alcoholic beverages, transport and miscellaneous goods and services”, the NBS said in its report.
The drop in the inflation rate comes as the Central Bank’s Monetary Policy Committee (MPC) prepares to meet for the first time this year.
The MPC meeting, which is part of efforts to tame inflation, is scheduled for next week as part of efforts to tame inflation. It will decide on interest rates for the country.