Nigeria’s headline inflation rate rose to 34.80% in December 2024, according to the latest report from the National Bureau of Statistics (NBS). This represents a slight increase of 0.20% from the 34.60% recorded in November 2024, primarily driven by heightened demand for goods and services during the festive season.
The December 2024 inflation rate is also 5.87% higher compared to the same period last year, when the rate stood at 28.92%. This year-on-year increase reflects a significant rise in the cost of living over the past 12 months.
On a month-on-month basis, the headline inflation rate showed a slight deceleration, falling to 2.44% in December 2024, down from 2.64% in November 2024. This indicates a slight reduction in the rate of price increases from November to December.
The November 2024 inflation rate had seen an increase of 0.72% from October 2024’s rate of 33.88%, while on a year-on-year basis, it was 6.40% higher than November 2023, which recorded a rate of 28.20%. The month-on-month inflation rate for November 2024 was 2.638%, which was nearly unchanged from October’s rate of 2.640%.
As Nigeria continues to experience inflationary pressures, experts are monitoring trends closely, with hopes for a slowdown in the coming months as consumption levels decline after the holiday season.
