Like 2016, 2020, Nigeria’s inflation rate rose every month in 2023

THE latest data from the National Bureau of Statistics (NBS) has shown that the Nigerian inflation rate rose to 28.92 per cent as of December 2023. This development has revealed a consistent pattern of rise, as witnessed in 2016 and 2020.

Accordingly, the new rate is the highest rate ever recorded in the country, The ICIR can affirmatively report.

From this data, Nigeria’s inflation rate rose consecutively throughout 2023.

Findings by The ICIR also showed that this is the third time a consecutive monthly increase would be recorded in Nigeria.

The inflation rate is 0.72 per cent higher than the 28.2 per cent recorded in November 2023. 

According to NBS, “On a year-on-year basis, the headline inflation rate was 7.58 per cent points higher compared to the rate recorded in December 2022, which was 21.34 per cent. Also, on a month-on-month basis, the headline inflation rate in December 2023 was 2.29 per cent, which was 0.20 per cent higher than the rate recorded in November 2023 (2.09 per cent).”

The NBS also noted that, as of December 2023, the Food inflation rate rose 33.93 per cent. 

The rate was driven by an increase in the average prices of food products like oil and fat, meat, bread, and cereals. Other are potatoes, yam, fish and milk, cheese, and eggs.

2023 inflation rate

The ICIR findings showed that the average inflation rate for 2023 stood at 24.52 per cent. This is the highest average ever record since 2003. 

Our findings also showed that this is the third time in 21 years that Nigeria’s inflation rate would increase consecutively throughout the months in a year. 



    The first time Nigeria recorded consecutive growth in its inflation rate was in 2016 under the former president, Muhammdu Buhari. The inflation rate grew from 9.62 per cent in January to 18.55 in December 2016. This contributed to the country plunging into its worst recession in 33 years.

    Similarly, during the 2020 COVID-19 pandemic, Nigeria’s inflation grew monthly from 12.13 per cent in January to 15.75 per cent in December. 

    For 2023, Nigeria’s inflation rate started at 21.82 per cent in January and consecutively rose to 28.92 per cent, as of the latest record in December 2023. 

    The ICIR has reported how policies by President Bola Tinubu, since he assumed power in May 2023, affect the inflation rate despite several palliative measures

    Kehinde Ogunyale tells stories by using data to hold power into account. You can send him a mail at [email protected] or Twitter: Prof_KennyJames

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