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A marginal decline in inflation in Nigeria in December is not worth celebrating – expert

Professor Godwin Oedekun, an expert in accounting and financial development at Leed City University, Ibadan, said Nigeria’s 0.13 percent drop in inflation in December was not worth celebrating.

According to the National Bureau of Statistics, NBS, Consumer Price Index report on Monday, inflation in December decreased slightly from 21.47% in November 2022 to 21.34% in December 2022.

This downgrade is the first time the country’s inflation figures have fallen in the past 11 months.

“In December 2022, the headline inflation rate fell to 21.34%, compared to the headline inflation rate for November 2022, which was 21.47%,” the National Bureau of Statistics said.

But, Professor Oyedokun’s response to the development revealed that there was nothing to celebrate in the recent CPI data.

“The percentage drop in the latest inflation figure is nothing to celebrate, but it’s okay. It’s a right step forward. Although inflation can sometimes have such behavior due to a reversal of higher demand at the end of the year; we hope to see more of The January downturn is because everyone is getting wiser about what to buy and not to buy. We pray that this downturn continues into the future.”

A marginal decline in inflation in Nigeria in December is not worth celebrating – expert

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