Nigeria’s inflation rate has continued its upward trend, reaching 34.80% in December, up from 33.60% in November, according to the National Bureau of Statistics (NBS).
This marginal increase of 0.20% points is attributed to the festive period’s increased demand for goods and services.
On a year-on-year basis, the headline inflation rate rose by 5.87% compared to December 2023, when it was 28.92%.
However, on a month-on-month basis, the inflation rate decreased by 0.20% to 2.44% in December, down from 2.64% in November.
The NBS also reported that the average Consumer Price Index (CPI) for the 12 months ending December 2024 increased by 33.24%, representing an 8.58% rise compared to the previous year. Nigeria’s inflation rate has been on the rise since September 2024, when it increased to 32.7% from 32.15% in August.
