Nigeria’s National Bureau of Statistics (NBS) Nigeria has announced that the inflation rate for December 2024 rose to 34.8 per cent, up from 34.6 per cent recorded in November 2024.
The NBS said in its monthly report of the Consumer Price Index which measures inflation that the increase recorded in December 2024 was driven by festive period rise in demand for goods and service.
According to the NBS, the December 2024 Headline inflation rate showed a marginal increase of 0.20% compared to the November 2024 Headline inflation rate.
“This was due to December festive period increases in demand for goods and services.
“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).
“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 report said.
GIK/APA