The Consumer Price Index (CPI), indicating the fluctuation in prices of goods and services, rose to 28.92% in December 2023, surpassing the previous month’s 28.20%.
This is according to Monday’s release of the CPI report by the National Bureau of Statistics (NBS).
According to the statistics office, the food inflation rate in December 2023 rose to 33.93% on a year-on-year basis, citing factors like policy changes and global trends as the cause of it. The removal of petrol subsidies, a key government decision earlier this year, is seen as a major contributor to the surge in food prices.
In an attempt to tackle the crisis, President Tinubu had declared a State of Emergency on food insecurity in July 2023. He also elevated food and water security to the highest national security concerns, bringing them under the purview of the National Security Council.
More to follow…
