Breaking: Inflation Rises to 15.63%

The Consumer Price Index (CPI) which measures inflation rose to 15.63 per cent year on year in December compared to 15.40 per cent in the preceding month, the National Bureau of Statistics (NBS), said Monday.

The headline index had maintained a decline for eight months, from April 2021 to November before returning to the upward trajectory in December.

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Inflation stood at 18.12 per cent in April, 17.93 in May, 17.75 per cent in June, 17.38 per cent in July, 17.01 in August, 16.63 per cent in September, 15.99 in October and 15.40 per cent in November.

According to the CPI figures for December, the 0.23 per cent increase was occasioned by the increase in prices of goods and services as a result of increase in their demand during the month under review, being a festive season.

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