Rising food prices push inflation to 28.92 per cent

Rising food prices push inflation to 28.92 per cent

The inflation rate in Nigeria rose to 28.92 per cent in December 2023, up from 28.20 per cent recorded in the previous month.

The National Bureau of Statistics (NBS) gave the figures its consumer price index report for December released on Monday.

The Consumer Price Index measures the rate of change in prices of goods and services

The latest figure the 12th consecutive rise in the country’s inflation rate.

The bureau said the December 2023 headline inflation rate showed an increase of 0.72% points “when compared to the November 2023 headline inflation rate”.

The report read in part, “On a year-on-year basis, the headline inflation rate was 7.58% points higher compared to the rate recorded in December 2022, which was 21.34%.

“This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022).”

On a month-on-month basis, it stated that 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).

Food Inflation

The NBS report said the food inflation rate in December 2023 was 33.93 per cent on a year-on-year basis — 10.18 percent points higher compared to the rate recorded in December 2022 (23.75 percent).

According to the bureau, the rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, meat, fruit, milk, cheese, and egg.

On a month-on-month basis, the NBS said the food inflation rate in December 2023 was 2.72 per cent, indicating a 0.30 per cent higher compared to the rate recorded in November 2023 (2.42 per cent).

It said, “The rise in food inflation on a month-on-month basis was caused by a rise in the rate of increase in the average prices of Oil and fat, Meat, Bread and Cereals, Potatoes, Yam & Other Tubers, Fish and Milk, Cheese, and Egg.

“The average annual rate of Food inflation for the twelve months ending December 2023 over the previous twelve-month average was 27.96%, which was a 7.02% points increase from the average annual rate of change recorded in December 2022 (20.94%).

“In December 2023, Food inflation on a Year-on-Year basis was highest in Kogi (44.73%), Kwara (41.33%), and Imo (39.54%), while Bauchi (27.49%), Jigawa (27.98%) and Sokoto (28.72%) recorded the slowest rise in Food inflation on Year-on-Year basis.

“On a Month-on -Month basis, however, December 2023 Food inflation was highest in Bayelsa (4.42%), Ogun (4.11%), and Enugu (4.03%), while Nasarawa (1.48%), Delta (1.65%) and Niger (1.67%) recorded the slowest rise in inflation on Month-on-Month basis.”