Nigeria’s inflation rate rose to 34.8% in December 2024, which is an increase from 33.60% recorded in November of the same year.
This is according to the consumer price index (CPI) report published on Wednesday by the National Bureau of Statistics (NBS).
According to NBS, the headline inflation rate in December rose marginally by “0.20% points when compared to the November 2024 headline inflation rate – due to the festive period increases in demand for goods and services”.
“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.
“This shows that the Headline inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023).
“On the contrary, the 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%).
“This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024.”
