For 11th consecutive month, Nigeria’s inflation rate rises, hits 28.92% for December

Nigeria’s inflation rate has continued its upward increase, hitting 28.92 in December 2023 up from 28.20% recorded in the previous month of November 2023.

The increase marks the eleventh consecutive increase in the inflation rate since February 2023.

The National Bureau of Statistics disclosed this on Monday in its consumer price index, and the CPI report for December.

Examining the trend, the headline inflation rate for December 2023 experienced a rise of 0.72 percentage points in comparison to the November 2023 headline inflation rate.

READ ALSO:Nigeria’s inflation rate rises for 11th month to 28.2%

Year-on-Year, when compared to December 2022 which peaked at 21.34%, the year-on-year basis for December 2023 saw a substantial increase of 7.58% points, indicating a rise in the headline inflation rate during the same month of the previous year.

Additionally, on the month-on-month comparison, the headline inflation rate for December 2023 reached 2.29%, surpassing November 2023’s rate of 2.09% by 0.20%.

This signifies that the average price level increased at a higher rate in December 2023 compared to the preceding month, November 2023.

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