Nigeria’s inflation rate climbed to 34.80% in December, up from 34.60% in November, FIJ can report.
This is according to the Consumer Price Index (CPI) report published by the National Bureau of Statistics (NBS) on Wednesday.
The increase marks the fourth consecutive monthly increase in inflation,
The report linked the rise in prices and inflation to festive season demand. Compared to December 2023, inflation increased by 5.87%.
READ ALSO: Inflation Redefines Christmas for Nigerians From Sharing to Struggling in 2024
Food and non-alcoholic beverages were the biggest contributors to the inflation surge, with an 18.8% year-on-year increase. Housing, water, electricity, gas, and other fuels followed with a 5.82% rise.
Nigeria Inflation Snapshot: December 2024
Headline Inflation
34.80%
Up from 34.60% in November
Food Inflation
39.84%
Key drivers: Yam, Rice, Fish
Core Inflation
29.28%
Highest rise: Transport
Year-on-Year Inflation: Top and Lowest States
Source: National Bureau of Statistics, Consumer Price Index Report, December 2024
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Urban inflation stood at 37.29%, while rural inflation was 32.47% on a year-on-year basis. Food inflation rose sharply to 39.84% year-on-year, driving the overall trend. On a month-on-month basis, the headline inflation rate was 2.44% in December.
The NBS attributed the spike in food prices to increases in items such as yam, water yam, sweet potatoes, maize, rice, and dried fish like sardines and catfish.
Core inflation, which excludes volatile agricultural produce and energy, continued its steady rise, reaching 29.28% year-on-year in December. This represents a 6.21% increase compared to 23.06% in December 2023. The report highlighted transport costs, particularly intercity travel, as a major driver of core inflation.
Among states, Bauchi recorded the highest year-on-year inflation rate at 44.06%, followed by Sokoto at 42.43% and Kebbi at 41.47%. Katsina (28.33%), Delta (29.23%), and Imo (29.99%) recorded the lowest inflation rates.
READ ALSO: Nigerians Pay Triple for Food 17 Months After Tinubu’s Initial Food Security Declaration
On a month-on-month basis, the highest increases were seen in Kogi (5.40%), Cross River (4.38%), and Sokoto (4.29%). Meanwhile, Yobe (-1.82%), Kano (-0.57%), and Abuja (-0.02%) reported declines in monthly inflation rates.
CPI REBASING IN 2025
The post UPDATED: Inflation Rate Hits 34.80% appeared first on Foundation For Investigative Journalism.