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Nigeria’s Inflation Rises To 28.9% – NBS
The rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals
Abuja, Nigeria– Nigeria’s inflation rate has soared to 28.9%, as revealed by the latest figures released by the National Bureau of Statistics (NBS).
This was disclosed in the NBS December 2023 Consumer Price Index (CPI) which was released on Monday, January 15, 2024.
The CPI measures the rate of change in the prices of foods and services.
“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,” the NBS wrote.
“Furthermore, 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%). 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,” it added.
Grains and legumes are seen at a market in the Obalende area of Lagos on December 18, 2023. – Christmas and year-end celebrations are marred by the economic crisis and soaring prices in Nigeria.
Food inflation also rose in the month under review. The agency pegged it at 33.93% on a year-on-year basis, which was 10.18% points higher compared to the rate recorded in December 2022 (23.75%).
“The rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, meat, fruit, milk, cheese, and egg.”
