In a recent report released by the National Bureau of Statistics (NBS) on Monday, Nigeria grapples with a staggering inflation rate of 28.92% for the month of December 2023.
The NBS findings reveal a notable increase from the November 2023 headline inflation rate, which stood at 28.20%.
Analyzing the movement, December’s figures show a significant uptick of 0.72 percentage points compared to the preceding month.
On a year-on-year basis, the NBS underscores that December 2023’s headline inflation rate soared by 7.58 percentage points in contrast to the same period in 2022, reaching 21.34%.
“This indicates a substantial year-on-year increase in December 2023 compared to the corresponding month in the previous year (i.e., December 2022),” the report states.
Additionally, the month-on-month analysis exposes a 2.29% headline inflation rate for December 2023, marking a 0.20% surge from November 2023 (2.09%).
This signifies a higher rate of increase in the average price level during December 2023 compared to the preceding month.
Examining the Consumer Price Index (CPI), the report highlights a 24.66% change in the average CPI for the twelve months ending December 2023, showcasing a 5.81% increase from the 18.85% recorded in December 2022.
The NBS report delves into the urban inflation rate, revealing a substantial rise to 31.00% in December 2023 on a year-on-year basis, indicating an 8.98% increase from December 2022’s 22.01%.
“On a month-on-month basis, the Urban inflation rate for December 2023 reached 2.42%, reflecting a 0.19% increase from November 2023 (2.23%).
The corresponding twelve-month average for the Urban inflation rate in December 2023 stood at 26.22%, highlighting a 6.83% increase compared to the 19.38% reported in December 2022,” the report concludes.
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