Nigeria’s inflation rate has climbed from 33.8% in October to 34.6% in November 2024, the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS), published on Monday revealed.
The report disclosed a 0.72% increase in the Nigeria inflation rate compared to the previous month, highlighting ongoing economic pressure across the country.
The NBS further provided insights into the trend from the previous year, noting that inflation in December 2023 had reached 28.92%, marking a 0.72% increase compared to the 28.20% recorded in November 2023.
“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 stated.
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When comparing year-on-year figures, the inflation rate for December 2023 was 7.58% higher than the same month in 2022, when it stood at 21.34%.
This reflects the continued upward trajectory of inflation over the past year. “This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022),” the NBS added.
On a month-on-month basis, the headline inflation rate in December 2023 stood at 2.29%, a slight increase of 0.20% compared to the 2.09% recorded in November 2023.
“This means that in December 2023, the rate of increase in the average price level was more than the rate of increase in the average price level in November 2023,” the NBS explained.
Food inflation, a key concern for many Nigerians, has risen sharply. In November 2024, the food inflation rate hit 39.93% year-on-year, a significant jump from the 32.84% recorded in November 2023.
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