The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate has reached an alarming 34.8% for December 2024, marking a significant rise under the leadership of President Bola Ahmed Tinubu. This new figure represents one of the highest inflation rates the country has experienced in recent years, reflecting deepening economic challenges.
The NBS report outlines that the surge in inflation is driven by a combination of rising food prices, increased fuel costs, and a weakening currency. The soaring cost of essential goods and services has placed increasing pressure on Nigerian households, resulting in a higher cost of living and greater economic strain for many citizens.
The food and beverage sector has seen the most significant impact, with staples such as rice, bread, and vegetables registering steep price hikes. Similarly, transportation costs have escalated due to rising fuel prices, further contributing to the overall inflationary trend.
Experts attribute the inflation spike to various internal and external factors, including the effects of global market fluctuations, domestic economic policies, and the aftermath of the previous administration’s fiscal measures. Despite efforts by the government to stabilize the economy through monetary policies and strategic reforms, inflation continues to erode purchasing power and threatens Nigeria's socio-economic stability.