Abuja, Nigeria — The National Bureau of Statistics (NBS) reports that Nigeria’s headline inflation rate climbed to 34.80% in December 2024, up from 34.60% in November.
According to a report released by the NBS on Wednesday, the 0.20% rise was largely driven by increased demand for goods and services during the festive season.
On a year-on-year basis, the inflation rate was 5.87% higher than the 28.92% recorded in December 2023, reflecting continued cost-of-living challenges throughout 2024.
The report highlighted food and non-alcoholic beverages as the main contributors, accounting for 18.02% of the inflation rate. Housing, water, electricity, gas, and other fuels contributed 5.82%, while transport added 2.26%.
This trend highlights the mounting difficulties faced by households nationwide as they contend with escalating prices for essential commodities and services.
By Enoch Odesola| January 15, 2025
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