Five states hit hardest as Nigeria's headline inflation continues upward movement

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January 15, 2025
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2 min read
National Bureau of Statistics

The National Bureau of Statistics (NBS) today restored its online operations, after almost four weeks of downtime due to a cyber attack. Moments after the website came online, the bureau released the much-anticipated December Consumer Price Index report on its new microdata catalogue platform. 

According to the report, headline inflation rose by 0.20%, to 34.80% in December, an increase attributed to the rise in demand for goods and services during the Yuletide period. 

“In December 2024, the headline inflation rate was 34.80% relative to the November 2024 headline inflation rate of 34.60%.

“Looking at the movement, the December 2024 headline in­flation rate showed a marginal increase of 0.20% compared to the November 2024 Headline inflation rate. This was due to December festive period increases in demand for goods and services.,” the report stated. 

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On a year-on-year basis, the average price level observed in the previous month was 5.87% higher than the figure recorded in December 2023. However, a month-on-month analysis showed that headline inflation for the referenced month was 2.44%, indicating a 0.20% decrease from 2.64% reported in November 2025. 

Consistent with observed market prices, food inflation soared to 39.84% in December 2024, 5.91% higher than the figures recorded in December 2023, but fell by 0.32% on a month-on-month basis. 

Additionally, the annual rate of food inflation for the 12 months of 2024 ending in December grew by 11.16% to 39.12% when compared to the same period in 2023.

The states that were worst hit by the rise in food prices include Sokoto, Zamfara, Edo, Ogun and Rivers, the report noted. 

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Despite the NBS’s efforts to provide a detailed breakdown of the data collection and analysis process, its CPI report was met with heavy scepticism and doubt by Nigerians online. Commenting on the recent inflation figures posted by the agency on its official X account, several Nigerians accused the NBS of publishing inaccurate data and manipulating figures. 

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In recent times, the NBS has been criticised for inconsistencies in its economic reports and its decision to include illegal activities such as prostitution in the country’s GDP calculation. 

Earlier in December 2024, the statistics agency confirmed the hack on its website and warned the public to disregard any updates on the platform until the issue was resolved. 

Last week, one of its officials, while speaking at a public event, assured Nigerians that the site would become accessible by January 15 — a promise the bureau has now kept. 

Following the restoration of its online operations, stakeholders can now access the NBS website to obtain vital economic, demographic and financial information necessary for decision-making. 

A versatile and experienced writer who enjoys demystifying complex financial data for easy consumption.
A versatile and experienced writer who enjoys demystifying complex financial data for easy consumption.
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