Nigeria’s inflation rate climbed to 34.8% in December 2024, up from 34.6% in November, driven by increased demand for goods and services during the festive period, according to the National Bureau of Statistics (NBS).
The NBS revealed these figures in its December 2024 Consumer Price Index (CPI) report, noting a marginal 0.20% rise compared to the previous month.
“In December 2024, the Headline inflation rate was 34.80% relative to the November 2024 Headline inflation rate of 34.60%,” the bureau stated. “This was due to December festive period increases in demand for goods and services.”
On a year-on-year basis, inflation surged by 5.87% compared to December 2023, when the rate stood at 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),” the report added.
However, the month-on-month inflation rate reflected a slight decline, coming in at 2.44% in December, down 0.20% from November’s rate of 2.64%.
The NBS explained, “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.”
The rising inflation underscores the economic challenges faced by Nigeria, with the festive season amplifying price pressures on essential goods and services.