Nigeria’s inflation rate rose to 34.8% in December 2024, up from 33.6% in November, according to the National Bureau of Statistics (NBS). The increase was linked to higher demand during the festive season. Compared to December 2023, the inflation rate was 5.87% higher.
Key Highlights:
• Monthly Trend: Inflation slowed slightly, rising 2.44% in December, down from 2.64% in November.
• Food Prices: Food inflation rose to 39.84% year-on-year but dropped to 2.66% month-on-month, helped by lower prices of items like maize flour and tubers.
• State Rankings: Sokoto (57.47%), Zamfara (46.39%), and Edo (46.32%) had the highest annual food inflation, while Ogun (34.24%), Rivers (35.43%), and Kwara (35.58%) saw the smallest increases.
Annual View:
The average inflation rate for the 12 months ending December 2024 was 33.24%, up 8.58% from the previous year. Though prices continue to rise, the pace slowed slightly in December.
As inflation continues to impact household budgets, it is crucial for policymakers to intensify efforts to stabilize prices and support vulnerable populations. Individuals and businesses are encouraged to adopt cost-saving measures and explore local alternatives to mitigate the effects of rising prices.
