The headline inflation rate in Nigeria experienced a slight increase, reaching 34.80 per cent in December 2024.
This is according to a report by the National Bureau of Statistics (NBS).
The increase marks a marginal rise of 0.20 per cent from November 2024’s rate of 34.60 per cent, primarily driven by the increased demand for goods and services during the festive season.
Year-on-year, the December 2024 headline inflation rate of 34.80 per cent was 5.87 per cent higher than the rate recorded in December 2023, which stood at 28.92 per cent.
The 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, the headline inflation rate in December 2024 was 2.44 per cent, slightly lower by 0.20 per cent, compared to the rate recorded in November 2024, which was 2.64 per cent, indicating a slight decline in the rate of price increases from November to December 2024.
In November 2024, the headline inflation rate was recorded at 34.60 per cent, showing an increase of 0.72 per cent from October 2024’s rate of 33.88 per cent. On a year-on-year basis, the headline inflation rate for November 2024 was 6.40 per cent higher than the rate in November 2023, which was 28.20 per cent. Additionally, the month-on-month inflation rate for November 2024 was 2.638 per cent, marginally lower by 0.002 per cent compared to October 2024’s rate of 2.640 per cent.
