The latest inflation report by the National Bureau of Statistics (NBS) has revealed Nigeria’s headline inflation rose to 28.92 per cent in December from the 28.20 per cent recorded in November 2023.
The report, released by the statistics bureau yesterday, detailed that food inflation also rose to 33.93 per cent from the 32.84 per cent recorded in November 2023.
The bureau further detailed that on a year on year basis, the country’s inflation rose by 7.58 per cent from the 21.34 per cent recorded in December 2022 to 28.92 per cent in December 2023.
“In December 2023, the headline inflation rate increased to 28.92 per cent relative to the November 2023 headline inflation rate, which was 28.20 per cent. Looking at the movement, the December 2023 headline inflation rate showed an increase of 0.72 per cent points when compared to the November 2023 headline inflation rate,” the report read.
On a year-on-year basis, the country’s “inflation rate was 7.58 per cent points higher compared to the rate recorded in December 2022, which was 21.34 per cent. This shows that the headline inflation rate (year-on-year basis) increased in December 2023 compared to the same month in the preceding year (i.e., December 2022).
“Furthermore, on a month-on-month basis, the headline inflation rate in December 2023 was 2.29 per cent, which was 0.20 per cent higher than the rate recorded in November 2023 (2.09 per cent). This means that in December 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in November 2023.” (Source: naijanews)
