Nigeria Records 28.92% Inflation Amid High Cost of Food

Bureau of Statistics, NBS, has revealed that Nigeria’s annual inflation rate has increased to 28.92 per cent in December 2023 from 28.20 per cent in November.

According to the NBS report, the December 2023 headline inflation rate showed an increase of 0.72 per cent points when compared the November 2023 headline inflation rate.

The NBS said on a year-on-year basis that the headline inflation rate was 7.58 per cent points higher compared the rate recorded in December 2022, which was 21.34 per cent.

“This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022),” the report said.

The bureau added that on a month-on-month basis, the headline inflation rate in December 2023 was 2.29 per cent, which was 0.20 per cent higher than the rate recorded in November 2023 (2.09 per cent).

This, it said, means that in December 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in November 2023.

According to the report, “the food inflation rate in December 2023 quickened to 33.93 per cent on a year-on-year basis, which was 10.18 per cent points higher compared to the rate recorded in December 2022 (23.75 per cent).”

It should, however, be recalled that in recent years, food prices have been on the rise across Nigeria.

In July 2023, President BolaTinubu declared an immediate State of Emergency on food insecurity to tackle the increase in food prices.

He also directed that “all matters pertaining to food & water availability and affordability, as essential livelihood items, be included within the purview of the National Security Council.”

Agronigeria/Shakirat Sadiq