January 15, (THEWILL) – Nigeria’s annual inflation rate reached the highest level in over 27 years hitting 28.92 percent in December 2023 from 28.20 percent in November, the National Bureau of Statistics (NBS) said Monday.
The statistics office said the December 2023 headline inflation rate increased by 0.72 percent compared to the November 2023 headline inflation rate.
The NBS said on a year-on-year basis, the headline inflation rate was 7.58 percent points higher compared to the rate recorded in December 2022, which was 21.34 percent.
“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),” it said
Furthermore, the bureau said on a month-on-month basis, the headline inflation rate in December 2023 was 2.29 percent, which was 0.20 per cent higher than the rate recorded in November 2023 (2.09 percent).
This, it said, 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.
According to the report, the food inflation rate in December 2023 quickened to 33.93 per cent on a year-on-year basis, 10.18 percent points higher than the rate recorded in December 2022 (23.75 percent).
In recent years, food prices have been on the rise across Nigeria. The situation deteriorated due to the impact of the government policies such as the removal of subsidies on petrol, among others.
Sam Diala, THEWILL
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
Sam Diala, THEWILLhttps://thewillnews.com
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
