Nigeria’s inflation rate has risen for the fourth consecutive month in December to 34.80% in annual terms.
This represents a slight increase from the 34.60% recorded in November, according to data released by the National Bureau of Statistics on Wednesday.
Nigeria’s inflation rate has been on a steady rise since 2023, largely due to President Bola Tinubu’s decision to devalue the naira currency and cut subsidy on fuel. This move was aimed at boosting economic growth and stabilizing public finances. However, it had the unintended consequence of accelerating inflation.
After peaking in mid-2023, inflation began to ease slightly in July as the effects of the naira devaluation started to wear off. However, a series of petrol price increases later in the year reignited inflationary pressures.
