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Research Document: NESG Inflation Report for December 2024


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Posted Wed, Jan 22, 2025 9:18 AM

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Headline inflation recorded its fourth consecutive increase, albeit slightly, in December 2024. This was driven primarily by rising food and non-alcoholic beverage costs associated with festive season-induced demand. The average headline inflation rate for 2024 stood at 33.2 percent, up from 24.7 percent recorded in 2023. The food inflation rate also rose slightly due to higher prices of some items, such as yams, other tubers, bread, and other cereals. Moreover, core inflation climbed due to escalating transportation and accommodation costs. On a month-on-month basis, only the core inflation recorded an increase in December 2024.

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All text, graphics, audio files, code, downloadable material, and other works on this web site are the copyrighted works of the Nigerian Economic Summit Group (NESG).