Nigeria’s headline inflation rate rose to 34.80% in December 2024, the National Bureau of Statistics (NBS) revealed.
NBS said it marks a marginal rise of 0.20% from November 2024’s rate of 34.60%, primarily driven by the increased demand for goods and services during the yuletide.
In December 2024, the headline inflation rate of 34.80% was 5.87% higher than the rate recorded in December 2023, which stood at 28.92%.
The year-on-year increase indicates a significant rise in the cost of living compared to the same month in the previous year.
On a month-on-month basis, the headline inflation rate in December 2024 was 2.44%, slightly lower by 0.20% compared to the rate recorded in November 2024, which was 2.64%. This indicates a slight deceleration in the rate of price increases from November to December 2024.
In November 2024, the headline inflation rate was recorded at 34.60%, showing an increase of 0.72% from October 2024’s rate of 33.88%. On a year-on-year basis, the headline inflation rate for November 2024 was 6.40% higher than the rate in November 2023, which was 28.20%.
Additionally, the month-on-month inflation rate for November 2024 was 2.638%, marginally lower by 0.002% compared to October 2024’s rate of 2.640%.
