Nigeria’s Inflation Rate Hits 34.8% Amid Festive Season Demand

• Nigeria’s headline inflation rate has risen to 34.80% in December 2024, up from 34.60% in November 2024, according to the National Bureau of Statistics (NBS).
• The increase is attributed to the festive season, which led to higher demand for goods and services.
• Food inflation rate also rose to 39.84% on a year-on-year basis.

Nigeria’s headline inflation rate has risen to 34.80% in December 2024, up from 34.60% in November 2024, according to the National Bureau of Statistics (NBS).

The increase is attributed to the festive season, which led to higher demand for goods and services.

“This was due to December festive period increases in demand for goods and services,” the NBS report stated. The food inflation rate also rose to 39.84% on a year-on-year basis, driven by increases in prices of items such as yam, water yam, sweet potatoes, beer, guinea corn, maize grains, rice, bread, cereals, fish, among others.

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READ ALSO: Presidency Reaffirms Tinubu’s Commitment To Reducing Inflation To 15% By 2025

The NBS report shows that the inflation rate has increased by 12% since President Bola Tinubu took office in May 2023, with a rate of 22.41% at the time.

President Tinubu has plans to bring down the inflation rate to 15% in 2025, but economists have described this goal as aspirational and bullish.

Nigeria’s Inflation Rate Rises Again

Nigeria’s annual inflation rate surged to 34.60% in November 2024, up from 33.88% in October, according to the National Bureau of Statistics (NBS).

The NBS report revealed that the headline inflation rate for November increased by 0.72 percentage points from the previous month.

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