Nigeria’s Inflation Rate Rises to 34.80% in December 2024
The latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) revealed that Nigeria’s headline inflation rate increased to 34.80% in December 2024, up from 34.60% in November. The marginal 0.20% rise was attributed to heightened demand for goods and services during the festive season.
Compared to December 2023, the inflation rate in December 2024 was 5.87% higher, indicating a persistent upward trend in prices. Food inflation, in particular, climbed to 39.84%, a significant rise from 33.93% in December 2023, driven by surging prices of staples such as yam, maize, rice, bread, and fish.
Challenges Faced by Nigerians
Nigerians are currently grappling with soaring living costs, described as the worst since independence. Economists have attributed this inflation surge to President Bola Tinubu’s policies, which include the removal of fuel subsidies and the unification of forex rates.
When President Tinubu took office in May 2023, the inflation rate was at 22.41%. Despite the subsequent sharp rise to 34.80%, Tinubu has set a target of reducing inflation to 15% by 2025. However, experts view this goal as overly optimistic given the current economic circumstances.
