Nigeria’s inflation has risen steadily for the fourth straight month perching at 34. 80 percent in December. It was 34.60 percent in November, according to data released by the National Bureau of Statistics.
The NBS said the rise was caused by increased demands during the holiday period with food and beverages prices hitting the roof. The numbers have kept on rising since President Bola Tinubu took over the reins of administration in 2023 foisting a twin economic policy of removing petrol subsidy and floating the naira.
Food inflation was 39.84% year-on-year in December, compared with 39.93% the previous month (NGFINF=ECI), opens new tab, due to price rises for items such as yam, sweet potatoes, beer, corn, rice and fish, the National Bureau of Statistics said.
The central bank hiked interest rates six times last year to try to get inflation under control.
Nigeria’s government expects inflation to fall to 15% this year, helped by lower imports of petroleum products, Tinubu said during a budget speech in December.
