Nigeria’s headline inflation rate climbed to 34.80% in December 2024, up from 34.60% in November, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Wednesday.
The marginal increase of 0.20% was attributed to heightened demand for goods and services during the festive season.
On a year-on-year basis, the December 2024 inflation rate was 5.87% higher than the 28.92% recorded in December 2023, highlighting a significant rise in the cost of living compared to the previous year. The report noted that inflationary pressures during the festive period contributed to the increase.
Food inflation also surged, reaching 39.84% in December 2024 on a year-on-year basis, an increase of 5.91% compared to 33.93% in December 2023.
The NBS attributed this rise to higher prices of staple items, including yam, water yam, sweet potatoes, beer, guinea corn, maize grains, rice, bread, cereals, and fish, among others.
The continued rise in food and commodity prices has exacerbated what many consider Nigeria’s worst cost-of-living crisis since independence, further straining households already grappling with economic hardships.
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