Nigeria’s annual inflation rate increased to 28.92% in December 2023 from 28.20% in November, according to the National Bureau of Statistics (NBS).
This represents a 0.72% rise month-on-month. Compared to December 2022, the year-on-year headline inflation rate rose by 7.58%, reaching 21.34%.
Food inflation surged to 33.93% year-on-year in December 2023, marking a 10.18% increase from December 2022 (23.75%).
The report attributes the inflationary trend to factors like the removal of subsidies on petrol and government policies.
President Bola Tinubu had declared a State of Emergency on food insecurity in July 2023, emphasizing the need for National Security Council involvement in addressing food and water availability and affordability.
Peoplesmind