- The December inflation data showed that the country’s inflation further rose marginally by 0.20 percent due to increased demand for goods and services during the yuletide season
Nigeria’s inflationary trend has continued its upward trajectory as inflation rate rose to 34.80 percent in December 2024 from 34.60 percent in November.
The latest inflation figure is contained in the Consumer Price Index and inflation data released on Wednesday by the National Bureau of Statistics, NBS
The December inflation data showed that the country’s inflation further rose marginally by 0.20 percent due to increased demand for goods and services during the yuletide 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 continuous rise in Nigeria’s inflation underscored the rise in consumer prices, fuelled 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.
The Central Bank of Nigeria (CBN) had tried to rein in the galloping inflation by raising interest rates but this move as only worsened the situation as businesses find it had to cope with the high interest.
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