Breaking News: Inflation Rate In Nigeria Climbs To Alarming 34.8%

Breaking News: Inflation Rate In Nigeria Climbs To Alarming 34.8%

Nigeria’s inflation rate climbed to 34.8% in December 2024, up from 34.6% in November, according to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS). The rise is attributed to heightened demand

for goods and services during the festive period.

“In December 2024, the headline inflation rate was 34.80%, reflecting a marginal increase of 0.20% compared to the previous month,” the NBS revealed.

Despite the year-end surge, month-on-month analysis shows a slight deceleration in price growth, with inflation rising by 2.44% in December—lower than the 2.64% recorded in November.

“This indicates a reduced pace in the average price increase compared to the previous month,” the report noted.

On a year-over-year basis, inflation was significantly higher, increasing by 5.87% compared to December 2023, when the rate was 28.92%.

The NBS pointed to the festive season’s heightened demand as a key driver of the increase while highlighting the long-term trend of rising prices over the past year.

Economic analysts warn that sustained inflation could further strain household budgets and impact overall economic stability, calling for strategic interventions to curb inflationary pressures.

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