The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 28.92 per cent in December 2023.
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for December, which was released on Monday, January 15, 2024.
According to the report, the figure is 0.72 per cent points higher compared to the 28.20 per cent recorded in November 2023.
The NBS said on a year-on-year basis, the headline inflation rate in December was 7.58 per cent higher than the rate recorded in November 2022 at 21.34 per cent.
It said the increase in the headline index for December 2023 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.
The NBS said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.
Others were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverage, tobacco and kola, recreation and culture, and communication.
The NBS noted that 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 at 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,” the NBS added.
It said the percentage change in the average CPI for the 12 months ending December 2023 over the average of the CPI for the previous corresponding 12-month period was 24.66 per cent.
“This indicates a 5.81 per cent increase compared to 18.85 per cent recorded in December 2022,” it stated.