The National Bureau of Statistics has reported that Nigeria’s inflation rate rose to 34.80% in December 2024, reflecting a slight increase from the 34.60% recorded in November.

According to the latest Consumer Price Index report released on Wednesday, the marginal rise of 0.20% has been attributed to heightened demand for goods and services during the festive season.

On a year-on-year basis, the December inflation rate marked a significant increase of 5.87 percentage points compared to 28.92% in December 2023.

This highlights a continued upward trajectory in consumer prices, driven by economic challenges such as currency depreciation, high energy costs, and persistent supply chain disruptions.

On the contrary, the month-on-month basis, the headline inflation rate in December 2024 was 2.44%, which was 0.20% lower than the rate recorded in November 2024 (2.64%). This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024.