Title: Inflation on the rise in December 2023: pressure on food prices
Introduction :
In December 2023, the National Statistics Agency (NBS) of Nigeria released its report on the Consumer Price Index (CPI) and inflation. According to this report, the inflation rate reached 29.02% in December 2023, an increase of 0.72% from the previous month. This increase in inflation was notably fueled by the rise in prices of food and other goods and services.
Rising inflation:
On an annual basis, the inflation rate in December 2023 was 7.58% higher than that recorded in November 2022, thus reaching 21.34%. This increase in the inflation rate was mainly influenced by the increase in prices of food and non-alcoholic beverages, housing, water, electricity, gas and other fuels, clothing and shoes, as well as transportation.
The situation is similar on a monthly basis, as the inflation rate in December 2023 was 2.29%, an increase of 0.20% compared to the previous month. This increase reflects a larger increase in prices in December compared to November.
Impact on food prices:
The food inflation rate in December 2023 was 33.93% on an annual basis, an increase of 10.18% compared to December 2022. This increase in food prices was observed in several categories, including the bread and cereals, oils and fats, potatoes, yams and other tubers, fish, meat, fruit, milk, cheese and eggs.
On a monthly basis, the food inflation rate in December was 2.72%, an increase of 0.30% from November. This increase in food prices can be attributed to the increase in prices of oils and fats, meat, bread and cereals, potatoes, yams and other tubers, fish, milk, cheese and eggs.
Consequences for consumers:
This rise in inflation and food prices poses a major challenge for Nigerian consumers. Households are seeing their spending increase, which reduces their purchasing power and affects their standard of living. Staples such as bread, cereals and meat are becoming increasingly expensive, which can impact household food security and nutrition.
Conclusion :
Rising inflation in December 2023, particularly in relation to food prices in Nigeria, poses an additional challenge for consumers. It is essential that the authorities take measures to control this inflation and mitigate its impact on households. This can be achieved through policies aimed at stabilizing prices, promoting agriculture and strengthening the resilience of households to fluctuations in food prices.