Data from the National Bureau of Statistics (NBS) has stated that Nigeria's inflation increased to 34.80% in December 2024.

The December 2024 report was shared via a link on the NBS' official X (formerly Twitter) platform.

According to him, this increase was as a result of increased demand for goods and services in December due to the festivities.

The report indicates that the headline inflation increased marginally by 0.20% from 34.60% in November 2024.

This increase, according to the NBS, was driven by increased demand for goods and services in December due to the festivities.

This shows that Nigerians' purchasing power saw a further squeeze in December 2024. Year-on-year, headline inflation grew by 5.87%, higher than the 28.92% reported in December 2023.

The month-to-month growth rate was lower than that of the previous month, indicating that the inflation surge is slowing down.

“On the contrary, the 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,” the report says.

The report further stated that the food inflation rate in December 2024 was 39.84% on a year-on-year basis, which is about 5.91% points higher than the rate in December 2023 (33.93%).

This increase was driven by staple foods and grains, including Yam, Water Yam, Sweet Potatoes, Guinea Corn, Maize Grains, and Rice.

Month-on-month, the food inflation rate was 2.66%, a 0.32% decrease from the 2.98% recorded in November 2024. This shows a decline in food inflation.

"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%. While Food Inflation Rate was 39.84% Year on Year," NBS said on X.