Nigeria’s inflation rate in December rose to 28.92% from 28.20% recorded in the previous month.
According to the latest National Bureau of Statistics (NBS) inflation report, the increase marks the eleventh consecutive rise in the inflation rate from February 2023.
Examining the trend, the headline inflation rate for December 2023 experienced a rise of 0.72 percentage points in comparison to the November 2023 headline inflation rate.
The year-on-year basis for December 2023 saw a substantial increase of 7.58% points, indicating a rise in the headline inflation rate during the same month of the previous year.
Additionally, on the month-on-month comparison, the headline inflation rate for December 2023 reached 2.29%, surpassing November 2023’s rate of 2.09% by 0.20%.
This signifies that the average price level increased at a higher rate in December 2023 compared to the preceding month, November 2023.
In December 2023, the year-on-year food inflation rate surged to 33.93%, primarily driven by increased prices of Oil and fat, Meat, Bread and Cereals, Potatoes, Yam & Other Tubers, Fish, and Milk, Cheese, and Eggs.
This represents a notable increase of 10.18% points compared to the rate registered in December 2022 (23.75%)
Editor Paul Akhagbemhe
