Inflation Rises to 28.92% in December

James Emejo in Abuja 

The Consumer Price Index (CPI), which measures the rate of change in prices of goods and commodities, further increased to 28.92 per cent in December compared to 28.20 per cent in the preceding month, the National Bureau of Statistics (NBS) said Monday.

The NBS attributed the 0.72 per cent rise in the headline index to increases in food and commodity prices, including energy.

Food inflation rose by 10.18 per cent to 33.93 per cent year-on-year compared to 23.75 per cent in December 2022.

The annual food inflation was attributed to increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, meat, fruit, milk, cheese and egg.

Month-on-month, the food index increased by 0.30 per cent to 2.72 per cent from 2.42 per cent in November.

Core inflation, which excludes the prices of volatile agricultural produces and energy, increased by 4.85 per cent, year-on-year to 23.06 per cent year in December compared to 18.21 per cent in December 2022.

Details later…