Nigeria’s Inflation Rises for Fourth Consecutive Month, Hits 34.8% in December

Confidence UbaniJanuary 15, 20251 Mins read33

Nigeria’s inflation rate rose to 34.8 per cent in December 2024. This is according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Wednesday. This marks the fourth consecutive monthly increase and reflects rising costs during the festive season.

The report shows a 0.20 per cent increase from November’s 34.6 per cent. On a year-on-year basis, inflation jumped by 5.87 per cent from the 28.92 per cent recorded in December 2023.

…. the Headline inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year. On the contrary, the month-on-month basis, the headline inflation rate in December 2024 was 2.44 percent, which was 0.20 percent lower than the rate recorded in November 2024 (2.64 percent), NBS stated in its executive summary.

Food inflation stood at 39.84 per cent year-on-year, owing to steep increases in the prices of essential items. The bureau also revealed that the average CPI for the 12 months ending December 2024 rose by 33.24 per cent, an 8.58 per cent jump compared to 24.66 per cent in December 2023.

In his 2025 New Year address, President Bola Tinubu promised to bring down inflation to 15 per cent within the year.

In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies, he said.

Tinubu also announced plans to establish a National Credit Guarantee Company to support businesses and improve access to credit. Nigerians received the promises with doubt, as previous pledges failed to accomplish a reduced inflation rate. The increasing cost of food and other necessities continues to strain household budgets. The December figures further show a growing need for effective measures to address the nation’s economic challenges.