Latest data by the National Bureau of Statistics, (NBS), has shown that headline inflation rose to 34.80% in December 2024, relative to the November 2024 headline inflation rate of 34.60%.
The food inflation rate in December 2024 was 39.84% on a year-on-year basis, a 5.91% percentage points higher when compared to the rate recorded in December 2023 (33.93%).
The NBS said the rise in food inflation on a year-on-year basis was caused by increases in prices of some food items, including yam, sweet potatoes and beer.
The December 2024 inflation figure indicated a marginal increase of 0.20%, when compared to the November 2024 inflation rate. “This was due to December festive period increases in demand for goods and services,” the Bureau said, in a statement on its X handle yesterday.
On a month-on-month basis, the headline inflation rate in December 2024 was 2.44%, which was 0.20% lower than the rate recorded in November 2024 (2.64%).
This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024.
