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Nigeria’s inflation rate hits 28.9 percent, says NBS

Photo Collage of Food Items in Nigerian Market

*The National Bureau of Statistics, in the NBS December 2023 Consumer Price Index released Monday, January 15 indicates 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 eggs

Isola Moses | ConsumerConnect

Nigeria’s National Bureau of Statistics (NBS) has disclosed the country’s inflation rate is now at 28.9 percent.

ConsumerConnect reports the Bureau stated this in the NBS December 2023 Consumer Price Index (CPI) released Monday, January 15, 2024.

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

The NBS noted in the report: “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.

“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.”

On food inflation

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

It further stated: “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 eggs.”

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.

The Nigerian leader reportedly had said of the need to ensure food security in Nigeria: “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.

“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.”

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