Nigeria’s inflation rises to 34.8% due to high December demand

Nigeria’s inflation rises to 34.8% due to high December demand

 

Nigeria’s inflation rate rose to 34.8 per cent in December from 34.6 per cent in November, the fourth consecutive increase.

According to the latest report by the National Bureau of Statistics (NBS), the increase was due to December festive period’s rise in demand for goods and services.

The details are contained in the NBS Consumer Price Index report for December 2024 obtained by newstrends on Wednesday.

The NBS said, “In December 2024, the headline inflation rate was 34.80% relative to the November 2024 headline inflation rate of 34.60%.

“Looking at the movement, 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.”