The National Bureau of Statistics is saying that Nigeria’s inflation rate rose to 34.80% in December 2024, reflecting a slight increase from the 34.60% recorded in November.
According to the latest Consumer Price Index report released on Wednesday January 15, 2025, the marginal rise of 0.20% has been attributed to heightened demand for goods and services during the festive season.
On a year-on-year basis, the December inflation rate marked a significant increase of 5.87 percentage points compared to 28.92% in December 2023, highlighting a continued upward trajectory in consumer prices, driven by economic challenges such as currency depreciation, high energy costs, and persistent supply chain disruptions.
According to the NBS report, the average inflation rate for the 12 months ending December 2024 stood at 33.24% up from 24.66% recorded during the same period in 2023.
-9News Nigeria.
