The consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 28.92 percent in December 2023 — up from 28.20 percent in the previous month.
The National Bureau of Statistics (NBS) in its CPI report for December disclosed this today, Monday, January 15 2024.
The latest figure marks the twentieth consecutive rise in the country’s inflation rate in 2023.
The bureau said the December 2023 headline inflation rate showed an increase of “0.72% points when compared to the November 2023 headline inflation rate”.
On a year-on-year basis, the headline inflation rate was 7.58% points higher compared to the rate recorded in December 2022, which was 21.34%,” the report reads.
“This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022).”
On a month-on-month basis, according to the NBS, the headline inflation rate in December 2023 was 2.29 percent, which was” 0.20 percent higher than the rate recorded in November 2023 (2.09 percent)".
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