Nigeria’s inflation rate rises again

The food inflation rate in December 2024 was 39.84 per cent on a year-on-year basis, 5.91 per cent points higher compared to the rate recorded in December 2023 (33.93 per cent).

Nigeria’s annual inflation rate rose to 34.80 per cent in December 2024 from 34.60 per cent in November, the National Bureau of Statistics (NBS) said on Wednesday.

This marks a continuation of the upward trend observed in September 2024, when the nation recorded a reversal of a two-month decline.

The statistics office said the December 2024 headline inflation rate showed a marginal increase of 0.20 per cent compared to the November 2024 headline inflation rate.

This, it said, was due to December festive period increases in demand for goods and services.

On a year-on-year basis, the NBS said the headline inflation rate was 5.87 per cent higher than the rate recorded in December 2023 (28.92 per cent).

“This shows that the headline inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023),” it said.

On the contrary, the bureau said on a month-on-month basis, the headline inflation rate in December 2024 was 2.44 per cent, which was 0.20 per cent lower than the rate recorded in November 2024 (2.64 per cent).

“This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024,” the report added.

According to the report, the food inflation rate in December 2024 was 39.84 per cent on a year-on-year basis, 5.91 per cent points higher compared to the rate recorded in December 2023 (33.93 per cent).

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