By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Nigeria’s Headline Inflation Hits 34.80% in December 2024, Marking Fifth Year of Rising Prices
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Economy

Nigeria’s Headline Inflation Hits 34.80% in December 2024, Marking Fifth Year of Rising Prices

Genesis Obong
By Genesis Obong
Published: January 15, 2025
Share
3 Min Read
Inflation Rate December 2024
SHARE

Nigeria’s headline inflation rate climbed to 34.80% in December 2024, marking a 0.20% increase from November’s 34.60%, marking fifth year of rising prices according to the latest Consumer Price Index (CPI) recently released n January 2025.

Food and non-alcoholic beverages remain the primary inflation driver, contributing 18.02% to the headline figure, followed by housing and utilities at 5.82%. This composition suggests that essential goods and services are driving the inflationary trend, potentially exacerbating economic hardship for lower-income households.

The national year-on-year increase of 5.87 percentage points from December 2023’s 28.92% underscores the broader inflationary pressures facing the economy. The twelve-month average inflation rate of 33.24% represents an 8.58 percentage point surge from the previous year, indicating a sustained deterioration in purchasing power across the nation.

Despite the year-on-year increase, the month-on-month inflation rate showed a slight deceleration, dropping to 2.44% in December from 2.64% in November 2024. This marginal improvement suggests a modest slowdown in the pace of price increases, though the overall trend remains concerning.

- Advertisement -

The twelve-month average inflation rate stood at 33.24%, representing an 8.58 percentage point increase compared to December 2023’s figure of 24.66%. This sustained rise indicates a deepening cost-of-living crisis affecting Nigerian households.

Urban areas continue to bear the brunt of inflationary pressures, with urban inflation at 37.29% compared to rural inflation of 32.47%. This urban-rural divide adds another layer to the complex pattern of regional economic disparities.

Analysis of state-level data reveals a stark contrast in inflation experiences. Bauchi state recorded the highest headline inflation at 44.06%, followed by Sokoto at 42.43% and Kebbi at 41.47%.

Read Also: US Grants Nigeria $2 Million for Fibre Optic Infrastructure Assessment

- Advertisement -

In contrast, Katsina registered the lowest rate at 28.33%, with Delta and Imo following at 29.23% and 29.99% respectively, creating a concerning 15.73 percentage point gap between the highest and lowest rates.

The varied regional impact presents significant challenges for policymakers, suggesting the need for targeted interventions rather than one-size-fits-all approaches. The substantial differences between states highlight the importance of considering local economic conditions in formulating anti-inflationary measures.

These regional disparities also raise questions about the effectiveness of current monetary and fiscal policies in addressing inflation across different geographical areas, particularly given the persistent north-south variations in inflation rates.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Consumer Price Indexcost of livingeconomic indicatorsMonetary policyNigeria inflationNigerian Economy
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByGenesis Obong
Follow:
Genesis Obong is a Journalist with relevant experience in Business, Finance and Economic matters in Nigeria and across the West African space.
Previous Article US Nigeria Fibre Optic Grant US Grants Nigeria $2 Million for Fibre Optic Infrastructure Assessment
Next Article Femi Falana ‘Kano Can Only Have One Emir,’ Femi Falana Says

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 3 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

BREAKING: Former Chief Justice of Nigeria, Mohammed Uwais, Passes Away at 89
News Top stories
Russia Launches Deadly Drone and Missile Strikes Across Ukraine Following Ukrainian Attacks on Russian Bomber Fleet
International
MTN Nigeria Doubles ICT Industry Average with 41.4% Female Workforce Representation
Top stories
Lagos Commuters Endure Severe Gridlock as Pre-Sallah Activities Paralyze Major Routes
News
Nigeria GDP Growth, Nigeria renewable energy
Sallah 2025: Tinubu’s Economic Optimism and Nationwide Security Measures Highlight Nigeria’s Eid Celebrations
News Top stories
- Advertisement -
Ad imageAd image

You May Also Like

News

Tinubu Warns Lagos, States Against Unauthorised Island Approvals, Vows to Revoke Encroachments

Muhammad A. Aliyu
Muhammad A. Aliyu
June 6, 2025
News

Shettima Inaugurates African Medical Centre of Excellence in Abuja, Hails New Era in African Healthcare

Muhammad A. Aliyu
Muhammad A. Aliyu
June 5, 2025
News

Tinubu Pledges Increased Infrastructure Funding, Calls for State-Federal Collaboration on Approvals

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 5, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?