Inflation in Nigeria Reaches 28.92% in December 2023 as Food Prices Continue to Surge

The National Bureau of Statistics (NBS) recently released a report that showed Nigeria’s inflation rate for December 2023 to be 28.92%, a significant increase from the 28.20% rate in November 2023.

This marks a new high for the country’s inflation, which has been steadily climbing throughout the year.

The NBS report highlights that food inflation played a major role in the overall inflation rate, with food prices rising by 33.93% in December 2023 compared to the same month in the previous year.

This surge in food prices is attributed to factors such as supply chain disruptions, increased transportation costs, and the impact of climate change on agricultural production.

The Central Bank of Nigeria (CBN) has been closely monitoring the situation and implementing various measures to curb inflation, including adjusting the monetary policy rate and maintaining a tight monetary policy stance.

However, the persistent rise in inflation has raised concerns among economists and policymakers, who are now calling for more targeted interventions to address the underlying causes of inflation.

In response to the growing inflation rate, the Nigerian government has announced plans to invest in key sectors such as agriculture, infrastructure, and manufacturing, with the aim of boosting local production and reducing the country’s dependence on imports.

The government is also working on improving the business environment to attract more foreign investment and create jobs.

As Nigeria grapples with high inflation, its citizens are feeling the impact on their daily lives, with many struggling to afford basic necessities such as food and housing.

The government and the CBN have their work cut out for them in the coming months as they try to bring inflation under control and provide relief to the millions of Nigerians affected by rising prices.