Nigeria’s inflation rises to 34.80%, as NBS site resumes service after one-month break
- Nigerian households faced a squeeze in purchasing power as consumer prices rose throughout 2024.
- Headline inflation in Nigeria reached 34.80%, with food inflation at 39.84% during December.
- A cyberattack on the National Bureau of Statistics (NBS) website on December 18 delayed the release of crucial economic data.
The persistent rise in inflation, particularly in food prices, poses significant challenges for Nigerian households and the economy as a whole. The government's ambitious targets for inflation reduction seem overly optimistic given the current trends, and the Central Bank's potential interest rate hikes may further strain consumers. A more realistic approach to economic stabilization and inflation management is necessary to restore confidence.
