Nigeria’s Inflation hit 28.92 Percent in December 2023

Nigeria’s headline inflation has again increased to 28.92 percent in December 2023, from 28.20 percent in the previous month — November.

The inflation rate is the highest in more than 27 years.

The National Bureau of Statistics (NBS) announced this in its Consumer Price Index (CPI), and the CPI report for December 2023 was released on Monday.

The figure represents the twelve consecutive times the country’s inflation soared in 2023.

The statistics office said the rise in the cost of basic foodstuffs, including bread, fruit, and eggs, was even higher.

Analysts say higher fuel prices and a weaker currency – the naira – have also contributed to the rise.

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The statistics office 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.

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 percent 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 rose to 33.93 percent on a year-on-year basis, 10.18 percent points higher than the rate recorded in December 2022 (23.75 percent).

Data from the NBS had earlier shown that Nigeria’s headline inflation rate in November increased to 28.2%, which is 0.87% higher than October’s headline rate of 27.33%.

For many Nigerians, the cost of food remains a significant expense, as basics like bread and yam have become more expensive.