An Accounting and Financial Development don at Lead City University, Ibadan, Prof Godwin Oyedokun said the Nigeria’s 0.13 per cent December inflation figure decline is not worth celebrating.
According to the National Bureau of Statistics, NBS, Consumer Price Index Report on Monday, December inflation slightly declined from 21.47% in November 2022 to 21.34% in December 2022.
The reduction is the first time the country’s inflation figures dropped in the last 11 months.
“In December 2022, the headline inflation rate eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%”, NBS said.
But, Prof Oyedokun reacting to the development disclosed that there is nothing to celebrate about in the recent CPI data.
“The percentage decline in the recent inflation figure is not worth celebrating, but it is ok. It is a right step forward. Though at times inflation may have such behavior because of the reverse in end of year demand hike; we hope to see more decline this January because everybody is getting wiser on what to buy and not to buy. We pray this decline is sustained going forward”.
