Uncategorized

Nigeria’s Inflation Hit 34.80% In December- NBS

The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate climbed to 34.80% in December 2024, up slightly from 34.60% in November.

The latest Consumer Price Index report, published on Wednesday, attributes the 0.20% increase to heightened demand for goods and services during the festive season.

Year-on-year, the December inflation rate rose significantly by 5.87 percentage points from 28.92% in December 2023, reflecting a continued rise in consumer prices. This trend is fueled by economic challenges, including currency depreciation, elevated energy costs, and ongoing supply chain disruptions.

The report also noted that the average inflation rate for the 12 months ending December 2024 was 33.24%, compared to 24.66% during the same period in 2023.

The report read, “In December 2024, the headline inflation rate was 34.80 per cent relative to the November 2024 headline inflation rate of 34.60 per cent.

“Looking at the movement, the December 2024 headline inflation rate showed a marginal increase of 0.20 per cent compared to the November 2024 Headline inflation rate. This was due to December festive period increases in demand for goods and services.

“On a year-on-year basis, the Headline inflation rate was 5.87% higher than the rate recorded in December 2023 (28.92 per cent). 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 increase reflects persistent cost-of-living pressures throughout the year, impacting both urban and rural areas.

The report identified food and non-alcoholic beverages as the primary drivers of inflation, contributing 18.02% to the overall figure. Housing, water, electricity, gas, and other fuels followed with a 5.82% contribution, while transport added 2.26%.

Smaller contributions came from health and communication sectors, accounting for 1.05% and 0.24%, respectively.

Urban inflation outpaced rural inflation during the period. The urban inflation rate for December 2024 rose to 37.29% year-on-year, an increase of 6.30 percentage points from 31.00% in December 2023. However, on a month-on-month basis, urban inflation eased slightly to 2.56% from 2.77% in November.

Rural inflation reached 32.47% year-on-year, 5.37 percentage points higher than the 27.10% recorded in December 2023. Month-on-month rural inflation also declined marginally to 2.32% from 2.51% in November.

Food inflation surged to 39.84% year-on-year in December 2024, compared to 33.93% in December 2023, driven by rising prices of staples like yams, rice, maize, and dried fish. Despite this, food inflation on a month-on-month basis slowed to 2.66% from 2.98% in November due to price reductions in items such as local beer, soft drinks, and tubers.

Core inflation, which excludes volatile agricultural and energy prices, stood at 29.28% year-on-year in December, up from 23.06% in December 2023. Transport fares, meals at local restaurants, and personal grooming services saw the sharpest price increases. On a month-on-month basis, core inflation rose to 2.24% in December from 1.83% in November.

State-level analysis showed Bauchi with the highest year-on-year inflation rate at 44.06%, followed by Sokoto at 42.43% and Kebbi at 41.47%. In contrast, Katsina, Delta, and Imo had the lowest rates, with Katsina recording 28.33%.

Sokoto led food inflation figures at 57.47% year-on-year, followed by Zamfara and Edo at 46.39% and 46.32%, respectively. Meanwhile, Yobe, Kano, and Abuja recorded month-on-month declines in food inflation.

The inflation surge, particularly during a period of high consumer spending, underscores the economic challenges confronting Nigerians.

……..

Note : To submit Press Releases, Statements, and Advert Inquiries for publication on Waffi blog (website) or Television 📺, please use the following contact details: You can send an email to info@waffitv.com or reach us via Whatsapp at 07068286500

Related posts

Our Fuel To Hit Stations In 48hrs- Dangote

admin

PST. JAMES IKARE CHRISTMAS FELICITATE HRM COUPLE MACSON OROMONI ON 9TH CORONATION ANNIVERSARY

Waffi TELEVISION

9th Coronation Anniversary: Chief Omare Felicitates With HRM. Pere Couple Mackson Oromoni

Waffi TELEVISION

Leave a Comment