By our reporter
Nigeria’s National Bureau of Statistics (NBS)
said on Wednesday, January 15 that the nagging inflationary spiral in the country had reached 34.80%,as of December,2024.
It was 33.60% in November, 2024.
NBS disclosed these in its latest Consumer Price Index (CPI).
On its official Facebook account,which has a modest 15,000 followers, NBS said:”In December 2024, the Headline inflation rate was 34.80% relative to the November 2024
Headline inflation rate of 34.60%.
“Looking at the movement, the December 2024 Headline inflation rate showed a marginal increase of 0.20% compared to the November 2024 Headline
inflation rate. This was due to December festive period increases in demand for goods and services.
“On a year-on-year basis, the Headline inflation rate was 5.87% higher than the rate recorded
in December 2023 (28.92%). This shows that the Headline inflation rate (year-on-year basis)
increased in December 2024 compared to the same month in the preceding year (i.e., December 2023).
“The month-on-month basis, the Headline inflation rate in December 2024
was 2.44%, which was 0.20% lower than the rate recorded in November 2024 (2.64%). This
means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024.”
Also writing on its X (formerly Twitter) handle, NBS said: “Food Inflation Rate was 39.84% Year on Year.”
Recall that President Bola Tinubu had promised, while delivering his 2025 New Year’s Day address to Nigerians, that the Federal Government would slash inflation to 15% within months.
His words: “In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies.
“We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people.
“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.
“To achieve this, the Federal Government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.”
