Nigeria’s Inflation Hits 28.9%, According to National Bureau of Statistics (NBS)
Nigeria’s annual inflation rate persisted in its upward trend, reaching a nearly 30-year high of 28.9% in December 2023, compared to the previous month’s rate of 28.2%. This information was revealed in the Consumer Price Index (CPI) for December 2023, released by the National Bureau of Statistics (NBS) on Monday afternoon.
The Consumer Price Index serves as a metric for gauging the rate of change in the prices of goods and services. Before the latest release, Nigeria’s inflation rate stood at 28.20% in November 2023. The continuous increase in the inflation rate signals challenges within the country’s economic landscape, requiring attention and strategies to address the underlying factors contributing to the surge in prices.
“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.
The food inflation rate in Nigeria experienced an increase from 2.42% in November 2023 on a month-on-month basis to 2.72% in December of the same year. This indicates a further rise in the prices of food items within that one month, contributing to the overall inflationary pressures in the country.
Food inflation is a critical component of the Consumer Price Index (CPI) and plays a significant role in assessing the cost of living and economic stability.
“On a month-on-month basis, the Food inflation rate in December 2023 was 2.72%, this was 0.30% higher compared to the rate recorded in November 2023 (2.42%),” the CPI report read.
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“The rise in Food inflation on a Month-on-Month basis was caused by a rise in the rate of increase in the average prices of Oil and fat, Meat, Bread and Cereals, Potatoes, Yam & Other Tubers, Fish and Milk, Cheese, and Egg.
The average annual rate of Food inflation for the twelve months ending December 2023 over the previous twelve-month average was 27.96%, which was a 7.02% points increase from the average annual rate of change recorded in December 2022 (20.94%).”
