Again, Nigeria’s inflation rises, hits 28.92% in December
Nigeria’s headline inflation has increased to 28.92% in December 2023 from 28.20% in the previous month of November 2023.
The National Bureau of Statistics disclosed its consumer price index, and the CPI report for December was released on Monday.
The figure represents the twelve consecutive times the country’s inflation soared in 2023.
On a year-on-year basis, the headline inflation rate was 7.58% points higher compared to the rate recorded in December 2022, which was 21.34%.
This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022).
Furthermore, on a month-on-month basis, the headline inflation rate in December 2023 was 2.29%, which was 0.20% higher than the rate recorded in November 2023 (2.09%).
This 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.