January 15, 2024 NewsOrient
Business And Economy,
News

Nigeria’s inflation rate has risen to 28.9%. This is according to figures from the National Bureau of Statistics (NBS).

A report, sourced from Channels Television, said: “This was disclosed in the NBS December 2023 Consumer Price Index (CPI) which was released on Monday afternoon.

“The CPI measures the rate of change in the prices of foods and services. Before Monday’s release, the country’s inflation rate was at 28.20 as of November 2023.

“Looking at the movement, the December 2023 headline inflation rate showed an increase of 0.72% points when compared to the November 2023 headline inflation rate,” the NBS wrote.

“Furthermore, 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 price level is more than the rate of increase in the average price level in November 2023,” it added.

NewsOrient reports that galloping inflation, especially the current high cost of food items is the prime source of frustration in Nigeria of today.

Photo Caption 1: Grains and legumes at a market in the Obalende area of Lagos on December 18, 2023.Photo Credit: Benson Ibeabuchi/AFP

Photo Caption/Credit 2: Food items. Channels Television

~ NewsOrient