Nigeria’s inflation rises for twelfth time, hits 28.92%

Nigeria’s inflation rises for twelfth time, hits 28.92%

Inflation in Nigeria has risen to 28.92% in December from 28.20% in November.

The National Bureau of Statistics (NBS) revealed its consumer price index and the CPI report for December on Monday.

The figure represents the twelve consecutive times the country’s inflation soared in 2023.

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.

On a year-on-year basis, the headline 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 when compared to the same month in the preceding year (i.e., December 2022).

Moreover, 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 will be greater than the rate of increase in the average price level in November 2023.

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