Breaking: Nigeria Inflation Hits 28.92% In December, Up From 28.20% In November

For the 11^th consecutive month, Nigeria’s inflation rate continued its upward trend, hitting 28.92 in December 2023 up from 28.20% recorded in the previous month of November 2023.

The increase marks the eleventh consecutive increase in the inflation rate since February 2023.

Read Also:  FX crisis, high inflation to limit manufacturing performance in Nigeria till June– MAN

Examining the trend, the headline inflation rate for December 2023 experienced a rise of 0.72 percentage points in comparison to the November 2023 headline inflation rate.

Year-on-Year, when compared to December 2022 which peaked at 21.34%, the year-on-year basis for December 2023 saw a substantial increase of 7.58% points, indicating a rise in the headline inflation rate during the same month of the previous year.

Read Also: CPPE Director Says Increase Interest Rate Not Curbing Inflation

Additionally, on the month-on-month comparison, the headline inflation rate for December 2023 reached 2.29%, surpassing November 2023’s rate of 2.09% by 0.20%.

This signifies that the average price level increased at a higher rate in December 2023 compared to the preceding month, November 2023.