Nigeria’s inflation rate increased to 34.8% in December 2024, up from 34.6% in November, according to the National Bureau of Statistics (NBS).
The rise was attributed to a surge in demand for goods and services during the festive period.
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The NBS, in its December Consumer Price Index (CPI) report, stated that the headline inflation rate in December was 34.8%, showing a marginal increase of 0.2% compared to the previous month. “This was due to December festive period increases in demand for goods and services,” the report noted.
On a year-on-year basis, the headline inflation rate for December was 5.87% higher than the 28.92% recorded in December 2023. “This shows that the headline inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year,” the NBS explained.
However, when comparing the month-on-month inflation rate, the NBS observed a slight decrease. “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%),” the report highlighted, indicating that the pace of price increases slowed slightly in December.
