Nigeria’s Inflation rate rose by 0.20% points to 34.80% in December 2024 from 34.60% in November 2024.
On a year-on-year basis, the headline inflation rate was 5.87% points higher compared to 28.92% in December 2023. Conversely, on a month-on-month basis, the headline inflation rate in December 2024 was 2.44%, which was 0.20% points lower than the rate recorded in November 2024 at 2.64%. This means that in December 2024, the rate of increase in the average price level was slower than the rate of increase in the average price level in the previous month.
The decrease in Food inflation on a year-on-year basis was caused by decreases in the average prices of the following items: Fruit Juice in tin, Malt drinks, etc (Soft Drinks Class), Rice, Millet, Maize flour, etc (Bread and Cereals Class) and Water Yam, Irish Potatoes, Coco Yam, etc (Potatoes, Yam & Other Tubers Class) while the increase in the Core inflation rate can be attributed to the increases in the price of Transportation, Rent and Services.
In December 2024, All Items inflation rate on a Year-on-Year basis was highest in Bauchi (44.06%), Sokoto (42.43%), Kebbi (41.47%), while Katsina (28.33%), Delta (29.23%), and Imo (29.99%) recorded the lowest rise in Headline inflation on Year-on-Year basis. On a Month -on-Month basis, however, December 2024 recorded the highest increases in Kogi (5.40%), Cross River (4.38%), Sokoto (4.29%), while Yobe (-1.82%), Kano (-0.57%) and Abuja (- 0.02%) recorded decline on Month-on-Month inflation.
In December 2024, Food inflation on a Year-on-Year basis was highest in Sokoto (57.47%), Zamfara (46.39%), Edo (46.32%), while Ogun (34.24%), Rivers (35.43%), and Kwara (35.58%) recorded the slowest rise in Food inflation on Year-on-Year basis. On a Month-on-Month basis, however, December 2024 Food inflation was highest in Kogi (6.53%), Sokoto (6.21%), and Cross River (5.90%) while Yobe (-3.21%), Kano (-1.29%) and Abuja (-0.79%) recorded decline in Food inflation on Month-on-Month basis.
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Sources: NBS, Alpha10 Research