The latest figures from the National Bureau of Statistics show Nigeria’s inflation rate now stands at 28.9%.

The NBS Consumer Price Index released on Monday reveals the inflation rate rose 0.72 percentage points from 28.2% in November 2022. This reflects accelerating price increases across food and consumer goods.

On a monthly basis, inflation climbed 2.29% in December, up 0.20% from the 2.09% monthly rate in November. These signals prices are rising faster as each month passes.

Food inflation in particular jumped 0.30% month-on-month, from 2.42% in November to 2.72% in December. Key drivers were rising prices for cooking oils, meat, cereals, tubers, fish and dairy.

Over the past 12 months, the average food inflation rate reached 27.96%, a steep 7.02-point increase from 20.94% the prior year.

The latest NBS figures paint a concerning picture of Nigeria’s inflation continuing to spiral upwards, squeezing household budgets and purchasing power. Both the monthly and annual inflation rates are accelerating, led by food prices.