Nigeria: Headline Inflation Rate Increases to 28.92 percent

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Nigeria’s Headline inflation rate in December increased to 28.92% relative to the November

2023 headline inflation rate which was 28.20%.

This is contained in the CPI Looking nflation report of December 2023, published by the National Bureau of Statistics.

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

“On a year-on-year basis, the headline inflation rate was 7.58% points higher compared to the rate recorded in December 2022, which was 21.34%.

“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 to indicated.

Furthermore, the report said on a month-on-month basis, the headline inflation rate in December 2023 was
2.29%, which was 0.20% higher than the rate recorded in November 2023 (2.09%).

“This means that in December 2023, the rate of increase in the average CPI for the twelve-month ending December 2023 over the average of the CPI for the previous twelve-month period was 24.66%, showing a 5.81% increase compared to 18.85% recorded in December 2022.”

 

Urban Inflation
The report further showed that on a year-on-year basis, in December 2023, the Urban inflation rate was 31.00%,
8.98% points higher compared to the 22.01% recorded in December 2022.

“On a month-on￾month basis, the Urban inflation rate was 2.42% in December 2023, this was 0.19% points
higher compared to November 2023 (2.23%).

“The corresponding twelve-month average for the Urban inflation rate was 26.22% in December 2023. This was 6.83% points higher com￾pared to the 19.38% reported in December 2022.”

Rural Inflation
The Rural inflation rate in December 2023 was 27.10% on a year-on-year basis; this was 6.38%
higher compared to the 20.72% recorded in December 202, the report noted.

“On a month-on-month basis,
the Rural inflation rate in December 2023 was 2.17%, up by 0.18% points compared to November 2023 (1.99%).

“The corresponding twelve-month average for the Rural inflation rate in
December 2023 was 23.25%. This was 4.91% higher compared to the 18.34% recorded in De￾cember 2022.

“Divisional Level Contribution MoM (%)
Food & Non-Alcoholic Beverages 1.18
Housing, Water, Electricity, Gas & Other Fuel 0.38
Clothing & Footwear 0.17
Transport 0.15
Furnishings & Household Equipment & Maintenance 0.12
Education 0.09
Health. 0.07…”

 

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