Nigeria’s inflation hits 28.92% for the twelfth time due to escalating food prices


In December, Nigeria’s inflation rate increased to 28.92% from the previous month’s 28.20%. This rise signifies the twelfth consecutive increase in the inflation rate since January 2023.

On Monday, the National Bureau of Statistics (NBS) released its Consumer Price Index (CPI) report for December. According to the NBS, the December 2023 headline inflation rate rose by 0.72% compared to November 2023, and on a year-on-year basis, it was 7.58% higher than December 2022.

The NBS noted that the year-on-year headline inflation rate for December 2023 increased compared to the same month in 2022. Additionally, on a month-on-month basis, the headline inflation rate in December 2023 was 2.29%, which was 0.20% higher than November 2023.

This indicates that the rate of increase in the average price level in December 2023 surpassed that of November 2023. The report also revealed that the food inflation rate in December 2023 rose to 33.93% on a year-on-year basis, marking a 10.18% increase from December 2022.

The escalating food prices in recent years have been exacerbated by government policies, including the removal of subsidies on petrol, contributing to the challenging economic situation in Nigeria.





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