Inflation rate rose from 28.20% in November 2023 to 28.92% in December 28.92%, NewsSpecng learnt.
The National Bureau of Statistics (NBS) made the disclosure on Monday, January 15, in its document titled: “Consumer Price Index December 2023.”
NBS said: “In December 2023, the headline inflation rate increased to 28.92% relative to the November 2023 headline inflation rate which was 28.20%.”
The document noted that looking at the movement, the December 2023 headline inflation rate showed an increase of 0.72% points when compared to the November 2023 headline inflation rate.
NBS added that 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%.
According to the Bureau, 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).
NBS further noted that on a month-on-month basis, the headline inflation rate in December 2023 was 2.29%, which was 0.20% higher than the rate recorded in November 2023 (2.09%).
It noted that this means that in December 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in November 2023.
