In December, Nigeria’s inflation rate increased for the fourth consecutive month, hitting 34.80 percent, according to data from the statistics agency.<\/p>\n
The figure is up from 34.60% in November.<\/p>\n
Explaining the reasoning behind the increase, the agency cited a boost in demand linked to the festive period.<\/p>\n
The National Bureau of Statistics stated that food inflation was 39.84% year-on-year in December, compared with 39.93% in November, as a result of price increases for items including sweet potatoes, rice and beer.<\/p>\n
Inflation spiked after the country\u2019s president devalued its currency and slashed subsidies in 2023, in a bid to revive economic growth and bolster public finances.<\/p>\n
It began to fall last summer, before a string of petrol price increases triggered another rise, aggravating the worst cost of living crisis the nation has seen in decades.<\/p>\n
The government predicts that the rate will fall to 15% this year, aided by fewer imports of petroleum products.<\/p>\n","protected":false},"excerpt":{"rendered":"
In December, Nigeria’s inflation rate increased for the fourth consecutive month, hitting 34.80 percent, according to data from the statistics agency. The figure is up from 34.60% in November. Explaining the reasoning behind the increase, the agency cited a boost in demand linked to the festive period. The National Bureau of Statistics stated that food […]<\/p>\n","protected":false},"author":1,"featured_media":11127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Africa News","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[32],"tags":[3503,175],"class_list":["post-14875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-national-bureau-of-statistics","tag-nigeria"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/14875","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=14875"}],"version-history":[{"count":0,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/14875\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/11127"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=14875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=14875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=14875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}