Nigeria’s Inflation Rate Surpasses That Of Ghana, South Africa, Mali, Kenya, Cameroon, Others

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As of December 2024, the country’s inflation rate hit a staggering 34.8%, up from 34.6% in November 2024.

Nigeria, Africa’s most populous country, is struggling to contain its rising inflation, which has led to skyrocketing food prices and a surge in the cost of living.

As of December 2024, the country’s inflation rate hit a staggering 34.8%, up from 34.6% in November 2024.

This inflation rate is a near 30-year high, with food inflation, which accounts for over 50% of Nigeria’s inflation basket, easing slightly to 39.84% in December from 39.93% the previous month.

To put this into perspective, Nigeria’s inflation rate has been steadily increasing, from 18.8% in 2022 to 24.5% in 2023, according to the African Development Bank Group.

In this report, SaharaReporters compared the country’s inflation rate with the rates of some other African countries.

The review shows that Nigeria’s inflation is worse when compared with some other countries.

For instance, as of December 2024, Ghana’s inflation rate stood at 23.8%, lesser than Nigeria’s inflation rate.

The inflation rate in South Africa stood at 2.9% as of November 2024, based on data provided by the statistics body of the country.

In Algeria, the figure recorded stood at 4.18% as of November 2024. In Mali, the inflation rate as of November 2024, stood at 4.9%.

Rwanda’s inflation was recorded at 6.8% as of December 2024.

According to the data provided by the Central Bank of Egypt, the country’s inflation rate stood at 23.2% as of December 2024.

Other countries studied included Cameroon, 4.5%; Kenya, 3.0%, and Angola, 28.1%.

Research Think Tank Oxfam put Nigeria’s poverty rate at 133 million persons as at October 2024. In 2023, when the country’s inflation rate was not as high as the current rate, the World Bank put the country’s inflation at 104 million persons.

Also, food inflation has continued to soar in the country.

A new report by the World Food Programme puts the number of Nigerians to be food insecure at 33 million persons. This development was blamed on economic hardship in part.

“Between October and December 2024, 25.1 million people are likely experiencing acute food insecurity even at the peak of the harvest season. Of this, 3.8 million live in the northeastern states. This number is projected to rise to 5 million,” the World Food Programme report read.

“Nigeria grapples with economic hardship, coupled with record high inflation (which reached 40.9 percent for food, and 34.2 percent for all items in June 2024). This is a record increase in food prices amid record high transportation costs.” the report by the global body also said.


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