The Statistician-General of the Federation, Simon Harry, while speaking at a press briefing in Abuja today, Monday 17th January, said Nigeria’s inflation rate rose to 15.63%.
Why it matters?
Reports by the National Bureau of Statistics had said that Nigeria’s inflation rate had been on a downward trend since April 2021. According to the Statistician-General, the inflation rate, as of November 2021, was 15.40.
He said that the downward trend is ended as the rate rose to 15.63% in December. Speaking of the cause of the inflation, Simon Harry said that the increased demand for goods and services during the festive season is responsible.
This increased rate shows an end to a good downwards run from April – November 2021.