Nigeria’s inflation rate rose to 34.6% in November 2024, compared to 33.8% in October, according to the latest Consumer Price Index report from the National Bureau of Statistics.
The NBS report reveals a 0.72% monthly increase in Nigeria’s inflation rate, climbing from 33.8% in October 2024 to 34.6% in November 2024, underscoring persistent economic pressures nationwide.
The report read in part, “In November 2024, the Headline inflation rate was 34.60 per cent relative to the October 2024 headline inflation rate of 33.88 per cent. Looking at the movement, the November 2024 Headline inflation rate showed an increase of 0.72 percentage points compared to the October 2024 Headline inflation rate.
“On a year-on-year basis, the Headline inflation rate was 6.40 percentage points higher than the rate recorded in November 2023 (28.20 per cent). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023).”
The surge in Nigeria’s inflation is primarily driven by rising food prices, exacerbating the economic strain on households.
However, on a month-on-month basis, the headline inflation rate showed a slight slowdown, dropping marginally to 2.638% in November from 2.640% in October. While inflation remains elevated, this minor dip suggests a slower pace of price increases compared to the previous month.
Year-on-year figures highlight sustained pressure on consumers as the cost of living continues to rise. Food inflation climbed sharply to 39.93% in November 2024, compared to 32.84% in November 2023.
The surge is driven by significant price increases in staples like yam, rice, maize, and palm oil, further straining household budgets across Nigeria.
Other items such as guinea corn, millet, and meat have also seen notable price hikes.
On a month-on-month basis, food inflation rose by 2.98 per cent, slightly up from 2.94 per cent in October.
This increase is attributed to higher prices for items such as fish, rice, dairy products, and meat.
