15th January, 2024
By Kazeem Ugbodaga
Nigeria’s inflation for the month of December 2023 climbed to 28.92 percent, report from the National Bureau of Statistics (NBS) said on Monday.
According to the NBS, in December 2023, the headline inflation rate increased to 28.92% relative to the November 2023 headline inflation rate which was 28.20%.
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.
On a year-on-year basis, the NBS said the headline inflation rate was 7.58% points higher compared to the rate recorded in December 2022, which was 21.34%.
“This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022).
“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,” the body stated.
From the NBS report, the percentage change in the average CPI for the twelve-month ending December 2023 over
the average of the Consumer Price Index (CPI) for the previous twelve-month period was 24.66%, showing a 5.81%
increase compared to 18.85% recorded in December 2022.
The report added that on a year-on-year basis, in December 2023, the Urban inflation rate was 31.00%, which was
8.98% points higher compared to the 22.01% recorded in December 2022.
“On a month-on-month basis, the Urban inflation rate was 2.42% in December 2023, this was 0.19% points
higher compared to November 2023 (2.23%).
“The corresponding twelve-month average for the Urban inflation rate was 26.22% in December 2023. This was 6.83% points higher compared to the 19.38% reported in December 2022,” the report said.