Africa-Press – Nigeria. <\/strong><\/span>Nigeria\u2019s inflation rate surged to 34.80 percent in December 2024 from 34.60 percent in November.<\/p>\nThis is according to the latest Consumer Price Index and inflation data released on Wednesday by the National Bureau of Statistics, NBS.<\/p>\n
While the country\u2019s inflation continues to rise, the Centre for the Promotion of Private Enterprise, CPPE, has identified tips for its moderation.<\/p>\n
The December inflation data showed that the country\u2019s inflation further rose marginally by 0.20 percent due to heightened demand for goods and services during the festive season.<\/p>\n
On a year-on-year basis, the December inflation rate marked a significant increase of 5.87 percentage points compared to 28.92 percent in December 2023.<\/p>\n
The untamed rise in the Nigeria\u2019s inflation highlights the upward trajectory in consumer prices, driven by economic challenges such as currency depreciation, high energy costs and persistent supply chain disruptions.<\/p>\n
\u201cOn a year-on-year basis, the headline inflation rate was 5.87 percent higher than the rate recorded in December 2023 (28.92 percent). This shows that the headline inflation rate (on a year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023),\u201d NBS stated.<\/p>\n
Meanwhile, NBS said Nigeria\u2019s food inflation dropped marginally to 39.83 percent in December 2024 from 39.93 percent in November on a year-on-year basis.<\/p>\n
CPPE reacts<\/p>\n
Reacting, the Chief Executive Officer at the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the inflationary pressures continue to be a troubling feature of the Nigerian economy as reflected in December\u2019s inflation rate.<\/p>\n
\u201cThough the increase in the December headline inflation was marginal at 0.2% compared with November inflation figures.\u201d<\/p>\n
However, Yusuf is optimistic that Nigeria\u2019s inflation would have a positive outlook in 2025 due to moderation in exchange rate volatility and improvement in foreign reserves.<\/p>\n
\u201cMeanwhile, the inflation outlook for 2025 promises to be positive for the following reasons: Sustained moderation in exchange rate volatility and improvements in foreign reserves.<\/p>\n
\u201cProspects of easing geopolitical tensions with the inception of the Trump presidency in a few days time.<\/p>\n
\u201cAnd a strong base effect, given the high inflationary pressures experienced in 2024,\u201d he stated.<\/p>\n
The economic think tank group, CPPE, also decried the current fixation of the National Assembly on revenue, especially the arbitrary revenue targets for ministries, departments, and agencies.<\/p>\n
\u201cExcessive pressure on MDAs to boost revenue and increase IGR has profound inflationary implications.<\/p>\n
\u201cThe reality is that such pressures are invariably transmitted to investors in the form of higher fees, levies, penalties, import duties, regulatory charges, etc. These outcomes are in conflict with government aspirations to boost investment, curb inflation, and create jobs.<\/p>\n
\u201cRevenue targets should be based on empirical studies, absorptive capacity of the economy, and due consideration of the wider economic implications.<\/p>\n
\u201cObsession with revenue would hurt investments, worsen inflationary pressures, aggravate poverty, and impede economic growth. There should be a careful balancing act between revenue growth aspirations, desire to boost investment, and commitment to moderate inflation,\u201d CPPE stated.<\/p>\n
How Nigeria\u2019s inflation rate can drop \u2013 CPPE<\/p>\n
CPPE highlighted that Nigeria\u2019s inflation can moderate on pause of monetary tightening policy by the Central Bank of Nigeria, reducing fiscal risks.<\/p>\n
\u201cTo ensure a further moderation in inflationary pressures, CPPE recommends as follows:<\/p>\n
\u201cPause on monetary policy tightening and interest rate hikes by the CBN to reduce business operating costs.<\/p>\n
\u201cReduction in fiscal risks to macroeconomic stability through a reduction in fiscal deficit and deceleration in growth of public debt,\u201d the CPPE stated.<\/p>\n
Source: Daily Post Nigeria<\/b><\/p>\n
For More News And Analysis About Nigeria<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"By Ogaga Ariemu Africa-Press – Nigeria. Nigeria\u2019s inflation rate surged to 34.80 percent in December 2024 from 34.60 percent in November. This is according to the latest Consumer Price Index and inflation data released on Wednesday by the National Bureau of Statistics, NBS. While the country\u2019s inflation continues to rise, the Centre for the Promotion […]<\/p>\n","protected":false},"author":84,"featured_media":146394,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,1437,29],"tags":[10783,365,254],"class_list":["post-146395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-files","category-head-lines","tag-cppe","tag-inflation","tag-nigeria"],"yoast_head":"\n
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