Nigeria’s inflation rate jumped to 34.8 percent in December, up from 34.6 percent in November, owing to increased demand for goods and services over the yuletide season.
In its December Consumer Price Index report, the National Bureau of Statistics (NBS) reported that the headline inflation rate in December 2024 was 34.80%, compared to 34.60% in November 2024.
“Looking at the movement, the December 2024 Headline inflation rate showed a marginal increase of 0.20% compared to the November 2024 Headline inflation rate.
“This was due to December festive period increases in demand for goods and services.
“On a year-on-year basis, the Headline inflation rate was 5.87% higher than the rate recorded in December 2023 (28.92%).
“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).
“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%). “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.”
