Nigeria’s inflation rate rose for the fourth consecutive month in December, reaching 34.80 percent, according to data released by the National Bureau of Statistics (NBS). This marks an increase from the 34.60 percent recorded in November.
The NBS attributed the rise to heightened demand during the festive season, which drove up prices across various sectors.
In its report, the Bureau highlighted that food inflation stood at 39.84 percent year-on-year in December, a slight decline from 39.93 percent in November. This was primarily due to price increases for staples such as sweet potatoes, rice, and beer.
The spike in inflation follows significant economic reforms implemented in 2023, including the devaluation of the naira and the removal of fuel subsidies. These measures, aimed at revitalizing economic growth and strengthening public finances, initially caused a sharp rise in prices.
While inflation began to ease during the summer, a series of petrol price hikes reignited upward pressure, deepening what has been described as the most severe cost-of-living crisis in decades.
Despite these challenges, the government remains optimistic. It forecasts a significant reduction in inflation to 15 percent this year, supported by decreased reliance on petroleum product imports.
