The National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation rose to 34.80% in December 2024, up from 34.60% in November.
The rise is linked to increased demand for goods and services during the December festive period.
Food inflation increased to 39.84% year-on-year in December 2024, a 5.91% rise compared to 33.93% in December 2023.
The bureau attributed the rise in food prices to higher costs of items such as yam, sweet potatoes, and beer.
Year-on-year, the December 2024 headline inflation rate was 5.87% higher than the 28.92% recorded in December 2023, showing an upward trend in the general price level over the past year.
Month-on-month, the inflation rate showed a slight decline. The headline inflation rate for December 2024 was 2.44%, 0.20% lower than November’s rate of 2.64%, indicating a slower rate of increase in average prices between November and December.
The inflation figures reflect the rising costs of essential.