Nigeria’s Inflation Rate Rises Marginally to 34.80% in December 2024
The National Bureau of Statistics (NBS) has reported a marginal increase in Nigeria’s headline inflation rate, which rose to 34.80% in December 2024, up from 34.60% recorded in November. The 0.20% rise was attributed to heightened demand for goods and services during the festive period.
The inflation report by the bureau highlighted the year-on-year inflation trends, revealing a significant increase compared to December 2023.
“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,” the NBS noted.
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However, on a month-on-month basis, the report indicated a slight moderation in the inflation rate.
“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,” NBS added.
The festive season typically drives up demand, contributing to the increase in the inflation rate. It is believe that while the year-on-year surge signals deeper economic pressures, the month-on-month slowdown may offer some respite as the new year begins.
