Naijahood
In December 2023, Nigeria witnessed a surge in food inflation, reaching 33.93%, marking an increase from the 32.83% recorded in November of the same year. The National Bureau of Statistics (NBS) unveiled this data in its Consumer Price Index (CPI) report for December 2023, which was released on Monday.
This escalation reflects a 2.72% rise compared to the previous month. Additionally, there was a notable 10.18% increase in comparison to the corresponding period in 2022. The month-on-month basis for food inflation was primarily driven by elevated average prices in categories such as Oil and Fat, Meat, Bread and Cereals, Potatoes, Yam & Other Tubers, Fish, and Milk, along with Cheese and Egg.
Furthermore, it is noteworthy that Nigeria’s headline inflation continued its upward trend, reaching 28.92% in December. This marks the twelfth consecutive increase in inflation for the year 2023, as reported by DAILY POST.
