Recent inflation report published by the National Bureau of Statistics (NBS) revealed that the the Headline inflation rate in December 2024 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.
On a year-on-year basis, the Headline inflation rate was 5.87% higher than the rate recorded in December 2023 (28.92%). This shows that the Headline inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023).