Inflation rate rises to 28.92%

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Abuja, Jan. 15, 2024 – Nigeria’s inflation rate stood at 28.92 per cent in December 2023 from 28.20 per cent in November, the National Bureau of Statistics (NBS) has reported.

The rate was an increase of about 0.72 per cent over the rate in November 2023 and 7.58 per cent higher than the 21.34 per cent inflation rate recorded in December 2022.

Food inflation rose to 33.93 per cent year-on-year or 10.18 per cent higher than 23.75 per cent in December 2022.

NBS said the rise in food inflation rate was largely driven by increase in prices of oil and fat, meat, bread, cereals, potatoes, yam & other tubers, fish, and milk, cheese, and eggs.

The rise in food prices was attributed to the impact of government policies such as the removal of fuel subsidy, among others. (GBN)

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