Business
Nigeria’s inflation rate rises to 34.8% — fourth consecutive increase
The National Bureau of Statistics says Nigeria’s inflation rate was 34.80 percent in December — up from 33.60 percent in November.
The data is captured in NBS’ consumer price index (CPI) report published on Wednesday.
NBS said 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”.
“On a year-on-year basis, the Headline inflation rate was 5.87% higher than the rate recorded
in December 2023 (28.92%),” the bureau said.
“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.”
NBS also said the percentage change in the average CPI for the twelve months ending December 2024 over the average for the previous twelve-month period was 33.24 percent – representing an 8.58 percent increase compared to 24.66 percent recorded in December 2023.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
