Nigeria’s headline inflation rose from 28.20% in November to 28.92% in December, the National Bureau of Statistics (NBS) has said.
The NBS disclosed this in its consumer price index and the CPI report for December.
The figure shows the twelve instances when the country’s inflation rate increased continuously in 2023.
There was a 0.72 percent point increase in the December 2023 headline inflation rate compared to November 2023.
On a year-on-year basis, the headline inflation rate was 7.58 per cent points higher compared to the rate recorded in December 2022, which was 21.34 per cent.
This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022).
Furthermore, on a month-on-month basis, the headline inflation rate in December 2023 was 2.29 per cent, which was 0.20 per cent higher than the rate recorded in November 2023 (2.09 per cent). This 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.