Announcing its Consumer Price Index (CPI) report for December 2024, the National Bureau of Statistics (NBS) said: “In December 2024, the headline inflation rate was 34.80 per cent, relative to the November 2024 headline inflation rate of 34.60 per cent.
“Looking at the movement, the December 2024 headline inflation rate showed a marginal increase of 0.20 per cent, compared to the November 2024 headline inflation rate.
“This was due to December festive period increases in demand for goods and services.
“On a year-on-year basis, the headline inflation rate was 5.87 per cent higher than the rate recorded in December 2023 (28.92 per cent).
‘This shows that the headline inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (December 2023).
“On the contrary, the month-on-month basis, the headline inflation rate in December 2024 was 2.44 per cent, which was 0.20 per cent lower than the rate recorded in November 2024 (2.64 per cent).
“This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024”.
