Yuletide spending pushed inflation up to 11 98 nbs
It seems like you're referring to the inflation rate in Nigeria. According to the National Bureau of Statistics (NBS), the Consumer Price Index (CPI) which measures inflation in Nigeria, rose to 11.98% in December 2022.
This increase in inflation is often attributed to various factors, including:
- Yuletide spending: As you mentioned, the festive season (Christmas and New Year) often leads to increased spending on goods and services, which can drive up prices.
- Supply chain disruptions: Global supply chain issues, including the ongoing COVID-19 pandemic, can lead to shortages and price increases for certain goods.
- Monetary policy: The Central Bank of Nigeria's (CBN) monetary policy decisions, such as interest rates and reserve requirements, can also impact inflation.
- Exchange rate: Fluctuations in the exchange rate can affect the prices of imported goods and services, contributing to inflation.
- Food prices: Increases in food prices, particularly for staple items like rice, wheat, and sugar, can also drive up inflation.
It's worth noting that the NBS also releases a breakdown of the inflation rate by category, which can provide more insight into the specific factors driving inflation.