Nigeria’s Inflation Surges Further, Hits 28.92%

The latest inflation report by the National Bureau of Statistics (NBS) has revealed Nigeria’s headline inflation rose to 28.92 per cent in December from the 28.20 per cent recorded in November 2023.

The report, released by the statistics bureau on Monday, detailed that food inflation also rose to 33.93 per cent from the 32.84 per cent recorded in November 2023.

Naija News reports that the bureau further detailed that on a year on year basis, the country’s inflation rose by 7.58  per cent from the 21.34 per cent recorded in December 2022 to 28.92 per cent in December 2023.

“In December 2023, the headline inflation rate increased to 28.92% relative to the November 2023 headline inflation rate, which was 28.20%. 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 report read.

On a year on year basis, the country’s “inflation rate was 7.58% points higher compared to the rate recorded in December 2022, which was 21.34%. This shows that the headline inflation rate (year-on-year basis) increased in December 2023 compared to the same month in the preceding year (i.e., December 2022).

“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.”