Nigeria’s Inflation Rate Hits 34.80% in December 2024-NBS

Oru Leonard 

Nigeria’s inflation rate has risen to 34.80% in December 2024, up from 34.60% in November 2024. This represents a 5.87% increase compared to the same period in 2023, according to the National Bureau of Statistics (NBS).

The surge in inflation is attributed to the festive season demand for goods and services.

Key drivers of inflation include:

– Food and non-alcoholic beverages: 18.02% increase
– Housing, Water, Electricity, Gas & other Fuel: 5.82% increase
– Clothing & Footwear: 2.66% increase
– Transport: 2.26% increase

The food inflation rate was particularly high, reaching 39.84% in December 2024, up from 33.93% in December 2023. This increase was driven by higher prices of staple foods like yam, rice, and maize.

The NBS also reported that the urban inflation rate was 37.29% in December 2024, while the rural inflation rate was 32.47%.