Nigeria’s inflation rate climbed to 34.8% in December 2024, slightly higher than the 34.6% recorded in November, as the festive season fueled increased demand for goods and services.
The National Bureau of Statistics (NBS) disclosed this in its December Consumer Price Index (CPI) report, attributing the rise to heightened economic activity during the holiday period.
“In December 2024, the Headline inflation rate was 34.80% relative to the November 2024 Headline inflation rate of 34.60%,” the report stated. “Looking at the movement, the December 2024 Headline inflation rate showed a marginal increase of 0.20% compared to the November 2024 Headline inflation rate. This was due to December festive period increases in demand for goods and services.”
The NBS highlighted that inflation had surged significantly on a year-on-year basis, rising by 5.87% compared to the 28.92% recorded in December 2023.
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“This shows that the Headline inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023),” the report added.
However, the month-on-month inflation rate offered a slight reprieve, recording a 2.44% increase in December 2024, which was 0.20% lower than the 2.64% increase observed in November 2024.
“This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024,” the report explained.
While the holiday shopping spree and festivities undoubtedly boosted demand, the lingering effects of economic challenges and rising costs continue to weigh heavily on Nigerians, contributing to sustained inflationary pressures.
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