The National Bureau of Statistics has reported that Nigeria’s inflation rate rose to 34.80% in December 2024, reflecting a slight increase from the 34.60% recorded in November.
According to the latest Consumer Price Index report released on Wednesday, the marginal rise of 0.20% has been attributed to heightened demand for goods and services during the festive season.
According to The PUNCH, on a year-on-year basis, the December inflation rate marked a significant increase of 5.87 percentage points compared to 28.92% in December 2023.
This highlights a continued upward trajectory in consumer prices, driven by economic challenges such as currency depreciation, high energy costs, and persistent supply chain disruptions.
According to the NBS report, the average inflation rate for the 12 months ending December 2024 stood at 33.24%, up from 24.66% recorded during the same period in 2023.
The report read, “In December 2024, the headline inflation rate was 34.80 per cent relative to the November 2024 headline inflation rate of 34.60 per cent.
“Looking at the movement, the December 2024 headline inflation rate showed a marginal increase of 0.20 per cent compared to the November 2024 Headline inflation rate. This was due to December festive period increases in demand for goods and services.”
