In December, Nigeria’s headline inflation rose to 28.92 percent, up from 28.20 percent in November, according to the National Bureau of Statistics’ consumer price index and CPI report.
This marks the twelfth consecutive increase in inflation for the country in 2023. 3. Compared to November 2023, the headline inflation rate in December 2023 increased by 0.72 percentage points.
On a year-on-year basis, the December 2023 headline inflation rate was 7.58 percentage points higher than the rate recorded in December 2022, which was 21.34 percent.
This indicates that the headline inflation rate (year-on-year basis) in December 2023 was higher compared to the same month in the previous year (December 2022).
Additionally, on a month-on-month basis, the headline inflation rate in December 2023 was 2.29 percent, which was 0.20 percent higher than the rate recorded in November 2023 (2.09 percent).
This means that the rate of increase in the average price level in December 2023 was higher than in November 2023.
