Nigeria’s inflation rate surged to 34.8% in December, driven by a significant increase in demand for goods and services during the festive season.
Food inflation remained high but showed a slight decline. Analysts predict a slight moderation in inflation in January due to seasonal factors.
However, they caution that core inflation may remain elevated due to potential increases in energy prices.
The government is facing mounting pressure to address the rising cost of living and implement effective measures to curb inflationary pressures and alleviate the economic burden on its citizens.