UPDATED: Nigeria’s Inflation Rate Rises To 28.9%

The country's inflation rate is now at 28.9 %, according to figures from the National Bureau of Statistics (NBS). 

A file photo taken at a food market. A large percentage of poor Nigerians live in the rural areas where the predominant occupation is farming.
A file photo showing traders at a food market.


The country’s inflation rate is now at 28.9 %, according to figures from the National Bureau of Statistics (NBS). 

This was disclosed in the NBS December 2023 Consumer Price Index (CPI) which was released on Monday afternoon.

The CPI measures the rate of change in the prices of foods and services. Before Monday’s release, the country’s inflation rate was at 28.20 as of November 2023.

“Looking at the movement, the December 2023 headline inflation rate showed an increase of 0.72% points when compared to the November 2023 headline inflation rate,” the NBS wrote.

“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,” it added.

READ ALSO: Nigeria’s Inflation Rises To 28.20% In November – NBS

Food Inflation On the Rise

Grains and legumes are seen at a market in the Obalende area of Lagos on December 18, 2023. – Christmas and year-end celebrations are marred by the economic crisis and soaring prices in Nigeria. (Photo by Benson Ibeabuchi / AFP)


Food inflation also rose in the month under review. The agency pegged it at 33.93% on a year-on-year basis, which was 10.18% points higher compared to the rate recorded in December 2022 (23.75%).

“The rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, meat, fruit, milk, cheese, and egg,” it said.

READ ALSO: Tinubu Declares State Of Emergency On Food Security

(FILES) President Bola Tinubu


The rising rate of food inflation in Nigeria is coming over six months after President Bola Tinubu declared a state of emergency on food security

“There must be an urgent synergy between the Ministry of Agriculture and the Ministry of Water Resources to ensure adequate irrigation of farmlands and to guarantee that food is produced all year round,” the President was quoted as saying then.

“We shall create and support a National Commodity Board that will review and continuously assess food prices as well as maintain a strategic food reserve that will be used as a price stabilisation mechanism for critical grains and other food items. Through this board, the government will moderate spikes and dips in food prices.”