Nigeria’s inflation rate rises to 28.92% in December 2023

Nigeria’s inflation rate for December rose to 28.92% from 28.20% recorded in the previous month.

The increase marks the eleventh consecutive increase in the inflation rate from February 2023.

Examining the trend, the headline inflation rate for December 2023 experienced a rise of 0.72 percentage points in comparison to the November 2023 headline inflation rate.

When compared to December 2022, which had a headline inflation rate of 21.34%, the year-on-year basis for December 2023 saw a substantial increase of 7.58% points, indicating a rise in the headline inflation rate during the same month of the previous year.

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Additionally, on the month-on-month comparison, the headline inflation rate for December 2023 reached 2.29%, surpassing November 2023’s rate of 2.09% by 0.20%.

This signifies that the average price level increased at a higher rate in December 2023 compared to the preceding month, November 2023.