Nigeria’s inflation rate in December 2023 climbed to 28.92 percent as a halt to gas subsidies stoked transport costs, pushed up the prices of commodities and the naira weakened against the U.S. dollar.
The December 2023 inflation rate showed an increase of 0.72 percent points from the previous month, the National Bureau of Statistics (NBS) said in its report on Monday. The rate increased by 7.58 percent from that recorded in December 2022.
Food prices continue to be a major cost component for many Nigerians as food inflation surged to 33.93 percent.
Nigeria’s inflation has been on a steady rise since January 2023. Last week, the United Nations projected that the ballooning inflation “will pose a downward risk to growth prospects” in the country in 2024.
Read the full report: https://nigerianstat.gov.ng/elibrary/read/1241439
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
