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BREAKING: Nigeria’s inflation Rate Hits 28.9% Amid Rising Food Prices
Yinka Olajoyetan, Lagos
The Consumer Price Index (CPI), indicating the fluctuation in prices of goods and services, rose to 28.92 per cent in December 2023, surpassing the previous month’s 28.20%.
This is according to Monday’s release of the CPI report by the National Bureau of Statistics (NBS).
The increase marks the eleventh consecutive increase in the inflation rate from February 2023.
Examining the trend, the headline inflation rate for December 2023 experienced a rise of 0.72 percentage points in comparison to the November 2023 headline inflation rate.
When compared to December 2022, which had a headline inflation rate of 21.34%, the year-on-year basis for December 2023 saw a substantial increase of 7.58% points, indicating a rise in the headline inflation rate during the same month of the previous year.
Additionally, on the month-on-month comparison, the headline inflation rate for December 2023 reached 2.29%, surpassing November 2023’s rate of 2.09% by 0.20%.
This signifies that the average price level increased at a higher rate in December 2023 compared to the preceding month, November 2023