Nigeria’s inflation rate rose to 34.80 per cent in December, up from 33.60 per cent in November, according to the latest consumer price index (CPI) report from the National Bureau of Statistics (NBS) released on Wednesday.
The NBS attributed the marginal increase of 0.20 percentage points to heightened demand for goods and services during the festive season.
“On a year-on-year basis, the Headline inflation rate was 5.87% higher than the rate recorded in December 2023 (28.92%),” the bureau said.
“On a month-on-month basis, the headline inflation rate in December 2024 was 2.44%, which was 0.20% lower than the rate recorded in November 2024 (2.64%).”
According to the report, the food inflation rate in December 2024 stood at 39.84 per cent on a year-on-year basis, marking an increase of 5.91 percentage points compared to 33.93 per cent in December 2023.
The rise in food inflation was attributed to the increased prices of yam, water yam, and sweet potatoes.
“On a month-on-month basis, the Food inflation rate in December 2024 was 2.66% which shows a 0.32% decrease compared to the rate recorded in November 2024 (2.98%).”
The report stated that the average annual rate of food inflation for the twelve months ending December 2024 was 39.12%, marking an increase of 11.16 percentage points compared to the average annual rate of 27.96% recorded in December 2023.
