Nigeria’s headline inflation rate rose to 34.80% in December 2024, up from 34.60% in November, according to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS).
The marginal 0.20% increase was attributed to heightened demand for goods and services during the festive season.
On a year-on-year basis, December’s inflation rate was 5.87% higher than the 28.92% recorded in December 2023.
Food inflation climbed to 39.84%, a significant rise from 33.93% in December 2023, driven by surging prices of staples such as yam, maize, rice, bread, and fish.
Nigerians continue to endure soaring living costs, described as the worst since independence.
Economists have linked this inflation surge to President Bola Tinubu’s policies, including the removal of fuel subsidies and unification of forex rates.
When Tinubu assumed office in May 2023, inflation stood at 22.41%. Despite a sharp rise to 34.80%, Tinubu has set a 2025 inflation reduction target of 15%, a goal experts view as overly optimistic.
