Nigeria’s annual inflation rate rose to 34.80% in December 2024 from 34.60% in November, the National Bureau of Statistics (NBS) said on Wednesday. This continues the upward trend observed since September 2024, reversing a two-month decline.
The NBS also reported a 0.20% increase in the December 2024 headline inflation rate compared to November 2024. This increase was due to higher demand for goods and services during the festive period.
On a year-on-year basis, the headline inflation rate was 5.87% higher than in December 2023, which was 28.92%.
“This shows that the headline inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023),” the NBS said.
However, on a month-on-month basis, the headline inflation rate in December 2024 was 2.44%, which was 0.20% lower than in November 2024 (2.64%).
“This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024,” the report added.
The food inflation rate in December 2024 was 39.84% year over year, 5.91% higher than in December 2023 (33.93%). Increases in the prices of items like yams, beer, and rice caused the rise.
President Bola Tinubu has an ambitious plan to decelerate inflation to 15% in 2025. Many experts consider it an unrealistic aspiration.
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