Again, Nigeria’s Inflation Rate Soars to 34.80% in December 2024

Related stories

Relief As Trump Announces: India, Pakistan Agree to A Truce

By Abiola Olawale India and Pakistan have agreed to a...

Trump’s supporters move against Pope Leo, give reason Newly-elected Pope Leo XIV

Catholicism has rarely been more prominent in US politics...

Why I Adopted ‘Leo XIV’ As My Papal Moniker– New Pope

By Kolawole Ojebisi The newly elected Pointiff has explained the...

Human Trafficking:115 Victims Return From Ivory Coast, Foreign Ministry Confirms

By Abiola Olawale The Nigerian Federal Ministry of Foreign Affairs...

By Abiola Olawale

Nigeria’s headline inflation rate saw an uptick in December 2024, climbing to 34.80%, according to the latest figures released by the National Bureau of Statistics(NBS).

This represents a slight rise of 0.20% from the previous month’s rate of 34.60%.

The NBS explained that the increase is largely attributed to heightened consumer demand for goods and services that typically accompanies the festive season, as people engage in holiday shopping and celebrations, thereby driving prices upward.

In December 2024, the headline inflation rate surged to 34.80%, reflecting a substantial increase of 5.87 percentage points over the 28.92% recorded in December 2023.

On a month-on-month basis, the headline inflation rate in December 2024 was 2.44%, slightly lower by 0.20% compared to the rate recorded in November 2024, which was 2.64%. This indicates a slight deceleration in the rate of price increases from November to December 2024.

In November 2024, the headline inflation rate was recorded at 34.60%, showing an increase of 0.72% from October 2024’s rate of 33.88%. On a year-on-year basis, the headline inflation rate for November 2024 was 6.40% higher than the rate in November 2023, which was 28.20%. Additionally, the month-on-month inflation rate for November 2024 was 2.638%, marginally lower by 0.002% compared to October 2024’s rate of 2.640%.

The New Diplomat
The New Diplomathttps://newdiplomatng.com/
At The New Diplomat, we stand for ethical journalism, press freedom, accountable Republic, and gender equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high-quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

Latest News
Relief As Trump Announces: India, Pakistan Agree to A TruceTrump’s supporters move against Pope Leo, give reason Newly-elected Pope Leo XIVWhy I Adopted 'Leo XIV' As My Papal Moniker-- New PopeHuman Trafficking:115 Victims Return From Ivory Coast, Foreign Ministry ConfirmsDetails As South African Authorities Re-arrest Nigerian Pastor Timothy Omotoso Days After Court’s Acquittal On RapeWike Drops Bombshell: "Only the Blind 'll Accuse Tinubu of Non-Performance""No Cabal in Nigeria’s Oil Sector," DAPPMAN Replies DangoteA Lesson at the Airport, By Johnson BabalolaChad, Cameroon's Borders: Zulum Bans Sale Of Fuel In Bama LGA Amid Escalating InsurgencyMassive Exodus From PDP Continues As Three Kebbi Senators Announce Defection to APCIntimate Affairs: Women are free to be gold diggers, by Funke EgbemodeSafeguarding Nigeria's Electoral Process Against AI & Cyberattacks In 2027Visualized: How Canada Would Rank in the EU by Five MetricsDefection to APC: No Worse Political Sin Than Your Action, Kwankwaso Lashes Senator, OthersCan Pope Leo Keep U.S. Citizenship?
X whatsapp