In December 2024, Nigeria’s headline inflation rate experienced a slight increase, reaching 34.80%, according to the National Bureau of Statistics.
Gatekeepers News reports that this represents a marginal rise of 0.20% from the previous month’s rate of 34.60%. The uptick in inflation is primarily attributed to higher demand for goods and services during the festive season.
When compared to December 2023, the rate in December 2024 reflects a significant year-on-year increase of 5.87%, as the inflation rate recorded in December 2023 was 28.92%. This rise indicates a notable escalation in the cost of living over the past year.
On a month-on-month basis, December 2024’s inflation rate was recorded at 2.44%, which is a slight decrease of 0.20% from November 2024’s rate of 2.64%. This suggests a deceleration in the pace of price increases from November to December.
In November 2024, the headline inflation rate was noted at 34.60%, representing an increase of 0.72% compared to October 2024’s rate of 33.88%. On a year-on-year basis, November 2024’s inflation rate was 6.40% higher than the rate for November 2023, which stood at 28.20%.
Furthermore, the month-on-month inflation rate for November 2024 was recorded at 2.638%, showing a marginal decline of 0.002% compared to the October 2024 rate of 2.640%.
