Nigeria’s Inflation Increases Consecutively in Four Months

January 16, 2025

(3 Months Read)

The National Bureau of Statistics stated that food inflation was 39.84% year-on-year in December, compared with 39.93% in November, due to price increases for sweet potatoes, rice, and beer items.

In December, Nigeria’s inflation rate increased for the fourth consecutive month, hitting 34.80 per cent against 34.6% in November 2024. the National Statistics Agency revealed this recently. The increase in inflation is said to be because of a boost in aggregate demand because of festival seasons.

The National Bureau of Statistics stated that food inflation was 39.84% year-on-year in December, compared with 39.93% in November, due to price increases for sweet potatoes, rice, and beer items.

Inflation spiked after the country’s president devalued its currency and slashed subsidies in 2023, in a bid to revive economic growth and bolster public finances. For a while, prices cooled. However, a string of petrol price increases triggered another rise, adversely affecting the cost of living. Official sources expect the prices to cool down to 15% this year.