Nigeria’s inflation rate rose to 34.80% in December 2024, up from 34.60% recorded in November, according to the latest report by the National Bureau of Statistics (NBS).
The NBS revealed this in its Consumer Price Index (CPI) report released on Wednesday, highlighting the rising cost of goods and services during the festive season.
The report noted a 0.20% increase in the inflation rate compared to November 2024, attributing the rise to heightened demand in December.
“On a year-on-year basis, the December inflation rate was 5.87% higher than the 28.92% recorded in December 2023, indicating a significant increase in consumer prices over the past year,” the NBS stated.
The steady rise in inflation continues to put pressure on households, with consumers experiencing higher costs across essential items. Experts warn that persistent inflation could further strain the nation’s economic recovery efforts.
