“December 2023 witnessed a surge in Nigeria’s food inflation, reaching 33.93%, up from the 32.83% recorded in November 2023, according to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday.
This represents a 2.72% increase compared to the November figures and a substantial 10.18% increment when compared to the corresponding period in 2022. The month-on-month basis for food inflation was influenced by the escalation in the average prices of Oil and fat, Meat, Bread and Cereals, Potatoes, Yam & Other Tubers, Fish, Milk, as well as Cheese and Egg.
SPRINGNEWS report highlights that Nigeria’s headline inflation climbed to 28.92% in December, marking the twelfth consecutive increase in 2023.