Nigeria’s inflation rate increases to 28.9% amid rising food prices

Spread the news

The country’s inflation rate is now at 28.9 %, according to figures from the National Bureau of Statistics (NBS).

This was disclosed in the NBS December 2023 Consumer Price Index (CPI) which was released on Monday afternoon. The CPI measures the rate of change in the prices of foods and services. Before Monday’s release, the country’s inflation rate was at 28.20 as of November 2023.

“Looking at the movement, the December 2023 headline inflation rate showed an increase of 0.72% points when compared to the November 2023 headline inflation rate,” the NBS wrote.

“Furthermore, on a month-on-month basis, the headline inflation rate in December 2023 was 2.29%, which was 0.20% higher than the rate recorded in November 2023 (2.09%).

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,” it added.


Leave a Reply

Your email address will not be published. Required fields are marked *