Nigeria’s inflation rate rises to 34.8%

The National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rate increased to 34.80 per cent in December 2024.

The Nigeria’s inflation rate rose up from 33.60 per cent recorded in November 2024.

The NBS announced this in its Consumer Price Index (CPI) report released on Wednesday, January 15, 2025.

The NBS noted that the headline inflation rate in December rose marginally by 0.20% points when compared to the November 2024 headline inflation rate – due to the festive period increases in demand for goods and services

It said: “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).

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“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.”

The NBS added that the percentage change in the average CPI for the 12 months ending December 2024 over the average for the previous 12-month period was 33.24 per cent – representing an 8.58 per cent increase compared to 24.66 per cent recorded in December 2023.

The Star