From 28.20 percent in November to 28.92 percent in December, Nigeria’s headline inflation rate rose.
On Monday, the National Bureau of Statistics released the December CPI report and its consumer pricing index.
The number illustrates the nation’s inflation rising twelve times in a row in 2023.
Examining the change, the headline inflation rate for December 2023 was 0.72 percentage points higher than the headline inflation rate for November 2023.
On a year-on-year basis, the headline inflation rate was 7.58 per cent points higher compared to the rate recorded in December 2022, which was 21.34 per cent.
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 per cent, which was 0.20 per cent higher than the rate recorded in November 2023 (2.09 per cent). 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.
