Nigeria’s Inflation Climbs to 34.80% in December

 

Nigeria’s Headline inflation has again increased to 34.80% in December 2024.

 

This is according to a report by the National Bureau of Statistics (NBS) on Wednesday.

 

The headline inflation is slightly higher than the 34.60% recorded in November. The 0.20% increase was attributed to heightened demand for goods and services during the festive season.

 

Compared to December 2023, the NBS said the inflation rate rose by 5.87 percentage points from 28.92%, highlighting a significant year-on-year rise in price levels.

 

From the report. despite the annual increase, the month-on-month inflation rate showed a slight decrease, falling to 2.44% in December 2024 from 2.64% in November.

 

According to the report, the average Consumer Price Index (CPI) for the twelve months ending December 2024 increased by 33.24%, reflecting an 8.58 percentage point rise from the 24.66% recorded during the corresponding period in 2023.

 

The NBS said urban areas experienced an inflation rate of 37.29% in December 2024, marking a year-on-year increase of 6.30 percentage points from 31.00% in December 2023.

 

Similarly, it added that rural inflation reached 32.47% during the same period, a 5.37 percentage point rise compared to the previous year’s 27.10%.

 

The festive period’s high demand for goods and services drove the overall increase in prices, but the marginal month-on-month decline suggests some easing in inflationary momentum.

 

However, the year-on-year figures underscore the persistent economic challenges facing Nigeria, with rising living costs affecting both urban and rural households.

 

Analysts say the inflation trends highlight the need for robust monetary and fiscal measures to stabilise prices and address the underlying factors driving inflation in the country.