The National Bureau of Statistics has said Nigeria’s inflation rate was 34.80 percent in December, up from 33.60 percent in November.
The data is detailed in NBS’ consumer price index (CPI) report published on Wednesday.
NBS said the headline inflation rate in December rose marginally by “0.20% points when compared to the November 2024 headline inflation rate, owing 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.”
NBS said the percentage change in the average CPI for the twelve months ending December 2024 over the average for the previous twelve-month period was 33.24 percent – representing an 8.58 percent increase compared to 24.66 percent recorded in December 2023.
Nigeria’s inflation rate started rising in September 2024 when it rose to 32.7 percent from 32.15 percent in August.
The following month, Nigeria’s inflation rate climbed to 33.8 percent, and rose further to 34.6 percent in November.
