According to a report by the National Bureau of Statistics, Nigeria’s inflation rate has continued to rise. In December 2023, it increased to 28.92%, up from 28.20% in November 2023. This marks the eleventh consecutive increase in the inflation rate since February 2023.
The headline inflation rate for December 2023 experienced an increase of 0.72 percentage points in comparison to November 2023. The year-on-year basis for December 2023 saw a substantial increase of 7.58% points when compared to December 2022, which peaked at 21.34%.
Furthermore, the headline inflation rate for December 2023 reached 2.29% on a month-on-month comparison, surpassing November 2023’s rate of 2.09% by 0.20%. This indicates that the average price level increased at a higher rate in December 2023 compared to the preceding month.
Nigeria’s Inflation Rate Climbs For The Eleventh Straight Month, Reaching 28.92% In December.