Annual inflation in Nigeria dipped in December to 21.34% after 10 straight monthly increases, the statistics bureau said on Monday, ahead of a central bank meeting to set interest rates next week.
ABUJA —
The National Bureau of Statistics (NBS) had attributed rising inflation, which hit 21.47% in November, to a sharp increase in demand ahead of the holiday season and a rise in production costs coupled with a weaker naira currency.
Earlier, the government reported that Nigeria's Consumer Price Index (CPI) rose some 18.37% in the 12 months ending in November, 2022.
The central bank meets next week Tuesday to decide on rates in Africa's largest economy. It has previously said it would continue with rate hikes started in 2022 if inflation remained elevated.