The National Bureau of Statistics (NBS) in its latest Consumer Price Index (CPI) reported that the nation’s headline inflation rate increased by 0.72% points in December 2023, when compared to the November 2023 headline inflation rate.
NBS said, in December 2023, the headline inflation rate increased to 28.92% relative to the November 2023 headline inflation rate which was 28.20%.
The Bureau said, on a year-on-year basis, the headline inflation rate was 7.58% points higher compared to the rate recorded in December 2022, which was 21.34%.
“This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022).
“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”, NBS said.
The Bureau said, the percentage change in the average CPI for the twelve-month ending December 2023 over the average of the CPI for the previous twelve-month period was 24.66%, showing a 5.81% increase compared to 18.85% recorded in December 2022.
URBAN INFLATION
On a year-on-year basis, in December 2023, the Urban inflation rate was 31.00%, this was 8.98% points higher compared to the 22.01% recorded in December 2022.
On a month-on-month basis, the Urban inflation rate was 2.42% in December 2023, this was 0.19% points higher compared to November 2023 (2.23%).
The corresponding twelve-month average for the Urban inflation rate was 26.22% in December 2023. This was 6.83% points higher compared to the 19.38% reported in December 2022.
RURAL INFLATION
The Rural inflation rate in December 2023 was 27.10% on a year-on-year basis; this was 6.38% higher compared to the 20.72% recorded in December 2022. On a month-on-month basis, the Rural inflation rate in December 2023 was 2.17%, up by 0.18% points compared to November 2023 (1.99%). The corresponding twelve-month average for the Rural inflation rate in December 2023 was 23.25%. This was 4.91% higher compared to the 18.34% recorded in December 2022.
All Items Inflation
In December 2023, All Items inflation rate on a Year-on-Year basis was highest in Kogi (35.58%), Lagos (32.33%), Rivers (32.16%), while Borno (23.27%), Taraba (24.92%) and Katsina (26.52%) recorded the slowest rise in Headline inflation on Year-on-Year basis.
On a Month-on-Month basis, however, December 2023 recorded the highest increases in Bayelsa (3.66%), Bauchi (3.51%), Oyo (3.45%), while Nasarawa (1.36%), Delta (1.49%) and Sokoto (1.58%) recorded the slowest rise on Month-on-Month inflation..
Food Inflation
In December 2023, Food inflation on a Year-on-Year basis was highest in Kogi (44.73%), Kwara (41.33%), and Imo (39.54%), while Bauchi (27.49%), Jigawa (27.98%) and Sokoto (28.72%) recorded the slowest rise in Food inflation on Year-on-Year basis.
On a Month-on-Month basis, however, December 2023 Food inflation was highest in Bayelsa (4.42%), Ogun (4.11%), and Enugu (4.03%), while Nasarawa (1.48%), Delta (1.65%) and Niger (1.67%) recorded the slowest rise in inflation on Month-on-Month basis.
