Food market
Nigeria’s inflation rises to 34.80% in December
Nigeria’s inflation rate rose to 34.80 percent in December 2024 from 34.60 percent in November, reports Nigerian Bureau of Statistics, NBS.
The December inflation data showed that the country’s inflation further rose marginally by 0.20 percent due to heightened demand for goods and services during the festive season.
On a year-on-year basis, the December inflation rate marked a significant increase of 5.87 percentage points compared to 28.92 percent in December 2023.
The rise in the Nigeria’s inflation highlights the upward trajectory in consumer prices, driven by economic challenges such as currency depreciation, high energy costs and persistent supply chain disruptions.
“On a year-on-year basis, the headline inflation rate was 5.87 percent higher than the rate recorded in December 2023 (28.92 percent). This shows that the headline inflation rate (on a year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023),” NBS stated.
Indeed, NBS said Nigeria’s food inflation dropped marginally to 39.83 percent in December 2024 from 39.93 percent in November on a year-on-year basis.