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According to figures released by the Nigeria Bureau of Statistics (NBS) on Wednesday, Nigeria’s inflation rate increased for the fourth consecutive month in December, rising to 34.80% in annual terms (NGCPIY=ECI) from 34.60% in November.
In a report available to BrandSpur Nigeria news today, the agency claimed that the December spike was brought on by higher demand during the holiday season. The biggest contributors to pricing pressures were food and non-alcoholic drinks.
After President Bola Ahmed Tinubu reduced subsidies and depreciated the naira in 2023 in an attempt to boost economic growth and strengthen state finances, inflation skyrocketed. As the effects of the naira devaluation started to lessen in July of last year, a string of hikes in the price of gas rekindled inflationary pressures, making the worst cost of living crisis in decades worse in the most populous country in Africa.
However, due to price increases for products like yam, sweet potatoes, beer, corn, rice and fish, food inflation in December was 39.84% year-over-year, up from 39.93% the month before (NGFINF=ECI), according to the National Bureau of Statistics. To curb inflation, the central bank raised interest rates six times last year.
Tinubu stated during a budget speech in December that the Nigerian government anticipates inflation to drop to 15% this year, aided by fewer petroleum product imports.
