Inflation in Nigeria Hits 28.20%

Nigeria’s headline inflation has increased to 28.92 per cent in December from 28.20 per cent in November.

The National Bureau of Statistics disclosed its consumer price index and the CPI report for December on Monday.

The figure represents the twelve consecutive times the country’s inflation soared in 2023.

Looking at the movement, the December 2023 headline inflation rate showed an increase of 0.72 percent points when compared to the November 2023 headline inflation rate.

On a year-on-year basis, the headline inflation rate was 7.58 per cent points higher compared to the rate recorded in December 2022, which was 21.34 per cent.

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).

Related: Inflation Rises to 28.2% on Higher Food, Energy Prices

Furthermore, on a month-on-month basis, the headline inflation rate in December 2023 was 2.29 per cent, which was 0.20 per cent higher than the rate recorded in November 2023 (2.09 per cent). This 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.