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Nigeria's Inflation Soars to 34.8%, Food Prices Spike

1/16/2025

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Summary

Story summary

Nigeria's inflation surged to 34.80% in December 2024, a stark increase from 33.60% in November, reflecting a year-on-year rise of 5.87% since December 2023. Food prices soared, with inflation hitting 39.84%, particularly affecting staples like yam and rice. Sokoto faced the steepest food inflation at 57.47%, while Yobe saw a slight decline.

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Story summary

Nigeria's inflation surged to 34.80% in December 2024, a stark increase from 33.60% in November, reflecting a year-on-year rise of 5.87% since December 2023. Food prices soared, with inflation hitting 39.84%, particularly affecting staples like yam and rice. Sokoto faced the steepest food inflation at 57.47%, while Yobe saw a slight decline.