INFLATION RATE in Nigeria has increased to 34.80% in December 2024.
The National Bureau of Statistics (NBS) made this announcement on Wednesday. Previously, in November of last year, the inflation rate stood at 33.60 per cent.
NBS’s consumer price index (CPI) report, which was released on Wednesday, includes the data.
“In December 2024, the Headline inflation rate was 34.80% from 34.60% in November 2024.
Month-on-Month, the Headline inflation rate in December 2024 was 2.44%,” the agency wrote on X.
“Food Inflation Rate was 39.84% Year on Year,” it added.
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Meanwhile, The Explainer reported President Bola Tinubu in his 2025 New Year speech promised that his government would reduce the inflation to 15% in the coming months.
He stressed that the 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 in 2025.
“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.”
