December Inflation Surge: What Nigeria’s 34.80% Rate Means
In December 2024, Nigeria’s inflation rate increased to 34.80%, up from 34.60% in November, marking the fourth consecutive monthly rise. This surge is primarily attributed to heightened demand during the festive season, leading to price increases in food and non-alcoholic beverages.
Key Highlights:
- Food Inflation: The food inflation rate stood at 39.84% year-on-year in December, slightly down from 39.93% in November. Staples such as yam, sweet potatoes, beer, corn, rice, and fish experienced notable price hikes.
- Core Inflation: Excluding volatile items like food and energy, core inflation also saw an uptick, contributing to the overall inflationary pressures.
The persistent inflationary trend has intensified the cost of living crisis in Nigeria, prompting the Central Bank to implement multiple interest rate hikes in an attempt to stabilize the economy. The government aims to reduce inflation to 15% in the current year, supported by measures such as decreased petroleum product imports.
For a visual overview of the inflation trends, you can watch the following video: