Nigeria’s inflation rate has surged to an alarming 34.80 percent in December, up from 33.60 percent in November, according to the National Bureau of Statistics.
This eye-opening data was detailed in the NBS consumer price index (CPI) report published on Wednesday.
Inflation has accelerated sharply throughout 2023 following President Bola Tinubu’s controversial decision to devalue the naira and eliminate subsidies, all in a bid to stimulate economic growth and stabilise public finances.
Although inflation began to ease in July as the repercussions of the naira devaluation started to subside, the subsequent petrol price hikes reignited inflationary pressures, plunging millions into a severe cost-of-living crisis — the worst seen in decades for Africa’s most populous nation and country blessed with abundant resources.
