JUST IN: Nigeria’s inflation rate hits 34.8%

Nigeria’s inflation rate has climbed for the fourth consecutive month, reaching 34.80% in December, up from 34.60% in November, according to data released by the National Bureau of Statistics (NBS) on Wednesday.

The inflation surge comes amid economic reforms introduced by President Bola Tinubu, including the naira devaluation and the removal of fuel subsidies.

While these measures aim to boost economic growth and stabilize public finances, they have also contributed to rising consumer prices, creating financial pressure for many Nigerians.

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Inflation had shown signs of easing in mid-2023 as the immediate effects of the naira devaluation began to subside. However, subsequent increases in petrol prices reignited inflationary trends, further exacerbating the situation.

The government’s economic reforms, though intended to address structural imbalances, continue to present significant challenges, particularly for households already grappling with the rising cost of living.

Economic analysts suggest that curbing inflation will require a balanced approach that includes supportive fiscal policies, improved agricultural output, and measures to stabilize the foreign exchange market.