Nigeria’s inflation rate is now at 28.9 %, according to figures from the National Bureau of Statistics (NBS).
The NBS December 2023 Consumer Price Index (CPI), which was made public on Monday afternoon, revealed this.
The rate of change in food and service prices is measured by the CPI. As of November 2023, the nation’s inflation rate was 28.20, according to data released on Monday.
“Looking at the movement, the December 2023 headline inflation rate showed an increase of 0.72% points when compared to the November 2023 headline inflation rate,” the NBS wrote.
“Furthermore, on a month-on-month basis, the headline inflation rate in December 2023 was 2.29%, which was 0.20% higher than the rate recorded in November 2023 (2.09%). This means that in December 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in November 2023,” it added.
