Nigeria: Inflation rate rises for fourth consecutive month

In December, Nigeria's inflation rate increased for the fourth consecutive month, hitting 34.80 percent, according to data from the statistics agency.

The figure is up from 34.60% in November.

Explaining the reasoning behind the increase, the agency cited a boost in demand linked to the festive period.

The National Bureau of Statistics stated that food inflation was 39.84% year-on-year in December, compared with 39.93% in November, as a result of price increases for items including sweet potatoes, rice and beer.

Inflation spiked after the country’s president devalued its currency and slashed subsidies in 2023, in a bid to revive economic growth and bolster public finances.

It began to fall last summer, before a string of petrol price increases triggered another rise, aggravating the worst cost of living crisis the nation has seen in decades.

The government predicts that the rate will fall to 15% this year, aided by fewer imports of petroleum products.