July 22, 2024
Nigeria’s Inflation Rate Rises To 28.9%
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Nigeria’s Inflation Rate Rises To 28.9%

Nigeria’s inflation rate now stands at 28.9 %, according to the December 2023 Consumer Price Index (CPI) figures from the National Bureau of Statistics (NBS).

The CPI measures the rate of change in the prices of goods and services. In November 2023, the country’s inflation rate was 28.20%.

The December 2023 headline inflation rate showed an increase of 0.72% points when compared to the November 2023 headline inflation rate.

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Furthermore, on a month-on-month basis, the headline inflation rate in December 2023 was 2.29%, which was 0.20% higher than the rate recorded in November 2023 (2.09%).

Food inflation also rose in the month under review. The agency pegged it at 33.93% on a year-on-year basis, which was 10.18% points higher compared to the rate recorded in December 2022 which was 23.75%.

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