Nigeria’s inflation rate climbed to 34.8% in December 2024, slightly higher than the 34.6% recorded in November, as the festive season fueled increased demand for goods and services.
The National Bureau of Statistics (NBS) disclosed this in its December Consumer Price Index (CPI) report, attributing the rise to heightened economic activity during the holiday period.
“In December 2024, the Headline inflation rate was 34.80% relative to the November 2024 Headline inflation rate of 34.60%,” the report stated. “Looking at the movement, the December 2024 Headline inflation rate showed a marginal increase of 0.20% compared to the November 2024 Headline inflation rate. This was due to December festive period increases in demand for goods and services.”