Nigeria’s annual inflation rate rose to 28.92 per cent in December 2023 based on the figures contained in the latest Consumer Price Index (CPI) report.
Although marginal, this is 0.72 basis points lower than the 0.87 point at which the November inflation rose to 28.20 per cent.
This is also the 12th consecutive surge in the country’s inflation according to the figures released in 2023 by the National Bureau of Statistics.
“In December 2023, the headline inflation rate increased to 28.92 per cent relative to the November 2023 headline inflation rate which was 28.20 per cent.
“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 increased in December 2023 when compared to the same month in the preceding year of December 2022,” the statistics agency said.
The NBS also disclosed that the food inflation rate in December 2023 was 33.93 per cent which was 10.18 per cent points higher compared to the 23.75 per cent recorded in December 2022.
Subsequently, the report noted that on a month-on-month basis, the food inflation rate in December 2023 was 2.72 per cent, adding that this was 0.30 per cent higher compared to the rate recorded in November 2023 at 2.42 per cent.
The rise in Food inflation on a year-on-year basis and month-on-month basis was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, meat, fruit, milk, cheese, and egg.
