Nigeria’s inflation rate continued its upward trajectory in December 2024, reaching 34.80%, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Wednesday.
This marks the fourth consecutive month of increasing inflation, up from 33.60% in November.
The NBS attributed the marginal increase to heightened demand for goods and services during the festive season.
While the year-on-year inflation rate rose compared to December 2023, the month-on-month rate showed a slight decrease.
Food Inflation Remains High : The food inflation rate remained stubbornly high at 39.84% year-on-year, driven by increased prices of essential items like yam, water yam, sweet potatoes, and key staples like rice and maize.
Regional Disparities:
Regional variations in food inflation were significant. Sokoto, Zamfara, and Edo experienced the highest year-on-year food inflation rates, while Ogun, Rivers, and Kwara recorded the slowest increases.
Month-on-Month Fluctuations:
On a month-on-month basis, Kogi, Sokoto, and Cross River witnessed the highest food inflation, while Yobe, Kano, and Abuja recorded declines.
Impact and Concerns:
The persistent high inflation rate poses a significant challenge to the Nigerian economy.
It erodes purchasing power, exacerbates poverty, and hinders economic growth.
The government faces the urgent task of implementing measures to curb inflation and stabilize prices. (vitalnewsngr.com)
