Nigeria’s inflationary Trend Maintains Steady Increase, Hits 28.92 Percent In December 2023

Nigeria’s inflationary trend maintains a steady increases as at December 2023, hitting 28.92 percent, according to Consumer Price Index (CPI) statistics released by the National Bureau of Statistics, on Monday for the month under review.

The latest inflation rate showed an increase of 0.72 percent points as against 28.20 percent recorded in the previous month of November, 2023.

Further breakdown of the statistical data showed that costs of food and non-alcoholic beverages accounted for 1.18 percent of the cause of the increase for the month and was followed by cost of Housing, water, electricity, gas and other fuel which accounted for 0.38 percent.

The contributions of items on the Divisional level to the increase is as shown in the table below:

On a year-on-year basis, the headline inflation rate was 7.58% points higher compared to 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 mont the preceding year (i.e., December 2022).

Furthermore, on a month-on-month basis, the headline inflation rate in December 2023 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 rat increase in the average price level in November 2023.

The percentage change in the average CPI for the twelve-month ending December 2023 the average of the CPI for the previous twelve-month period was 24.66%, showing a 5 increase compared to 18.85% recorded in December 2022.

In respect of urban inflation, on a year-on-year basis, in December 2023, the Urban inflation rate was 31.00%, this 8.98% points higher compared to the 22.01% recorded in December 2022.

On a month month basis, the Urban inflation rate was 2.42% in December 2023, this was 0.19% per cent higher compared to November 2023 (2.23%).

The corresponding twelve-month averag the Urban inflation rate was 26.22% in December 2023. This was 6.83% points higher c pared to the 19.38% reported in December 2022.

Also, the Rural inflation rate in December 2023 was 27.10% on a year-on-year basis; this was 6 percent higher compared to the 20.72% recorded in December 2022.

On a month-on-month b the Rural inflation rate in December 2023 was 2.17%, up by 0.18% points compared to vember 2023 (1.99%). The corresponding twelve-month average for the Rural inflation rate December 2023 was 23.25%. This was 4.91% higher compared to the 18.34% recorded im cember 2022.