Nigeria’s inflation rate has risen to 34.8% for December 2024, according to the latest report by the National Bureau of Statistics (NBS).
The announcement, made on Wednesday, revealed an increase from the 33.6% recorded in November of the same year.
The NBS provided these figures in its Consumer Price Index (CPI) report published on Wednesday, stating, “In December 2024, the Headline inflation rate was 34.80% from 34.60% in November 2024. Month-on-Month, the Headline inflation rate in December 2024 was 2.44%.”
The report also highlighted a significant rise in food prices, noting that the “Food Inflation Rate was 39.84% Year on Year.”
In response to the rising inflation, Bola Tinubu, in his 2025 New Year speech, reaffirmed his administration’s commitment to tackling the issue. He promised to reduce the inflation rate to 15% in the coming months.
READ MORE:Scavenging Banned in FCT, Restricted to Dump Sites Only — Wike Declares
“In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies. We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people,” Tinubu said.
Tinubu also outlined plans to stimulate economic growth by improving access to credit for individuals and key sectors.
He announced the establishment of the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises, further strengthening the country’s economic resilience.
This inflation data underscores the economic challenges Nigeria continues to face as policymakers work to address rising costs and stabilize the economy.
Follow Parallel Facts on WhatsApp Channel:https://whatsapp.com/channel/0029VaCQSAoHgZWiDjR3Kn2E
