The National Bureau of Statistics (NBS) on Wednesday revealed that Nigeria’s average inflation rate increased to 34.80% in December 2024.
According to NBS’ consumer price index (CPI), the inflation figure moved from 33.60 percent in November last year.
“In December 2024, the Headline inflation rate was 34.80% from 34.60% in November 2024.
Month-on-Month, the Headline inflation rate in December 2024 was 2.44%,” the agency wrote on X.
“Food Inflation Rate was 39.84% Year on Year,” it added.
Meanwhile, President Bola Tinubu in his 2025 New Year speech promised that his government would reduce the inflation to 15% in coming months.
He had said: “In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies.
“We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people.
“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.
“To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.”
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