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%.
