Nigeria’s Inflation Hits 28.92% Amid High Cost Of Food

The National Bureau of Statistics has announced on Monday, that the country’s annual inflation rate rose to 28.92 percent in December 2023 from 28.20 per cent in November with food prices a key contributor.

The NBS said the December 2023 headline inflation rate increased by 0.72 per cent compared to the November 2023 headline inflation rate.

The statistics office said on a year-on-year basis, the headline inflation rate was 7.58 percent points higher, compared to the rate recorded in December 2022, which was 21.34 percent.

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

This, it said, 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.

According to the report, the food inflation rate in December 2023 rose to 33.93 per cent on a year-on-year basis, 10.18 per cent points higher than the rate recorded in December 2022 (23.75 per cent).

Data from the NBS had earlier shown that Nigeria’s headline inflation rate in November increased to 28.2%, which is 0.87% higher than October’s headline rate of 27.33%.

For many Nigerians, the cost of food remains a significant expense, as basics like bread and yam have become more expensive.

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