Thursday, January 16, 2025 - Nigeria’s inflation rate surged to 34.80 percent in December 2024 from 34.60 percent in November according to the latest Consumer Price Index and inflation data released on Wednesday, January 15 by the National Bureau of Statistics, NBS.
The December inflation data showed that the country’s inflation further
rose marginally by 0.20 percent due to heightened demand for goods and services
during the festive season.
On a year-on-year basis, the December inflation rate marked a
significant increase of 5.87 percentage points compared to 28.92 percent in
December 2023.
“On a year-on-year basis, the headline inflation rate was 5.87 percent
higher than the rate recorded in December 2023 (28.92 percent). This shows that
the headline inflation rate (on a year-on-year basis) increased in December
2024 compared to the same month in the preceding year (i.e., December 2023),”
NBS stated.
Meanwhile, NBS said Nigeria’s food inflation dropped marginally to 39.83
percent in December 2024 from 39.93 percent in November on a year-on-year
basis.
While the country’s inflation continues to rise, the Centre for the
Promotion of Private Enterprise, CPPE, has stated how Nigeria’s inflation rate
can drop.
Reacting to the report, CPPE highlighted that Nigeria’s inflation can
moderate on pause of the monetary tightening policy by the Central Bank of
Nigeria, reducing fiscal risks.
“To ensure a further moderation in inflationary pressures, CPPE
recommends as follows: “Pause on monetary policy tightening and interest rate
hikes by the CBN to reduce business operating costs.
“Reduction in fiscal risks to macroeconomic stability through a
reduction in fiscal deficit and deceleration in growth of public debt,” the
CPPE stated.
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