Nigeria’s inflation rate rose from 28.20% in November 2023, to 28.92% in December, the National Bureau of Statistics (NBS), said on Monday, in its “Consumer Price Index December 2023, report released in Abuja.
According to the NBS, the December 2023 headline inflation rate showed an increase of 0.72% points when compared to the November 2023 headline inflation rate.
However, 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%.
According to the Bureau, 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).
NBS further noted that 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, it said, 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.
According to the report, the food inflation rate in December 2023 quickened to 33.93 per cent on a year-on-year basis, 10.18 percent points higher than the rate recorded in December 2022 (23.75 percent).
