Nigeria’s Inflation Rises to 34.80%
The Consumer Price Index (CPI), which measures the rate of change in prices of goods and commodities, increased to 34.80 percent in December 2024 compared to 34.60 percent in the preceding month, the National Bureau of Statistics (NBS) said Wednesday.
The NBS attributed 0.20 per cent rise in the headline index to the December festive period which increased demand for goods and services.
According to the CPI report for December, year-on-year, inflation was 5.87 per cent higher than 28.92 per cent recorded in December 2023.
Month-on-month, however, the inflation stood at 2.44 per cent in December compared to 2.64 per cent in November.
Food inflation increased to 39.84 per cent year-on-year in December compared to 33.93 percent in December 2023.
The rise in annual food inflation was attributed to increases in prices of yam, water yam, sweet potatoes, etc (potatoes, yam & other tubers class), beer, pinto (tobacco class) and guinea corn.
Other are maize grains, rice, (bread and cereals class), and dried fish-sadine, catfish dried, etc (fish class).
On a month-on-month basis, the food inflation decreased by 0.32 percent to 2.66 percent compared to 2.98 percent in November.
The statistical agency attributed the decline to the rate of decrease in the average prices of local beer (burukutu), pinto (tobacco class), fruit juice in tin, malt drinks (soft drinks class), rice, millet, maize flour (bread and cereals class) and water yam, irish potatoes, coco yam (potatoes, yam and other tubers class).
However, the All items less farm produces and energy or core inflation, which excludes the prices of volatile agricultural produces and energy stood at 29.28 percent, year on year in December, up by 6.21 percent compared to the 23.06 percent in December 2023.
The increase in the core index was attributed to increases in prices of taxi journeys per drop, bus journey intercity, journeys by motorcycle (under passenger transport by road class), meal at a local restaurant (accommodation service class), haircut service, women’s hairdressing, women hair brush (hairdressing salons and personal grooming establishments class).
Others are women hand bag, traveling bags (medium size), suitcase (appliances, articles and products for personal care class).
Month-on-month, core Inflation stood at 2.24 percent in December 2024 compared to 1.83 percent in November.
The urban inflation stood at 37.29 percent, year on year, compared to the 31 percent in December 2023. Month-on-month, the index stood at 2.56 percent in December compared to 2.77 percent in the preceding month.
On the other hand, rural inflation stood at 32.47 percent year-on-year compared to 27.10 percent in December 2023.
Month-on-month, rural inflation dropped to 2.32 percent compared to 2.51 percent in November.
