The National Bureau of Statistics (NBS) has revealed a spike in Nigeria’s inflation rate to 28.9%, as outlined in the December 2023 Consumer Price Index (CPI) released on Monday.
The CPI, measuring changes in the prices of goods and services, showed a 0.72% point increase compared to November 2023, when the inflation rate was at 28.20%.
The report further detailed that on a month-on-month basis, the headline inflation rate for December 2023 was 2.29%, indicating a 0.20% rise from November 2023 (2.09%).
This suggests a faster rate of increase in the average price level in December 2023 compared to the previous month.
Food inflation also witnessed a notable increase, reaching 33.93% on a year-on-year basis, representing a 10.18% point rise from December 2022 (23.75%).
The NBS attributed the surge in food inflation to higher prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, meat, fruit, milk, cheese, and eggs.
This escalating food inflation comes in the wake of President Bola Tinubu declaring a state of emergency on food security six months ago.
The President emphasized the need for collaboration between the Ministry of Agriculture and the Ministry of Water Resources to ensure continuous farmland irrigation and year-round food production.
Additionally, he proposed the establishment of a National Commodity Board to monitor and regulate food prices, maintaining a strategic food reserve to stabilize prices of essential grains and food items.