Nigeria’s headline inflation rises to 34.8% in December

Nigeri’s headline inflation rose to 34.80 per cent in December 2024, the National Bureau of Statistics (NBS) has reported.

The NBS gave the latest figure in its Consumer Price Index (CPI) report released on Wednesday, January 15.

The statistics office uses the CPI to measure the rate of change in prices of goods and services within a month.

The data shows that Nigeria’s headline inflation rose marginally by 0.20 per cent from 36.60 per cent in November 2024.

According to the NBS, increases in demand for goods and services during the festive season were primarily driven by the rise in the December inflation figure.

The data showed that the 34.80 per cent inflation in December 2024 was 5.87 per cent higher than the 28.92 per cent rate recorded in December 2023.

This year-on-year increase indicates a significant rise in the cost of living compared to the same month in the previous year.

On a month-on-month basis, headline inflation slightly slowed to 2.44 per cent in December 2024 compared to 2.64 per cent in November 2024, representing a slight deceleration in prices.