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Nigerian inflation rate increased to 34.6% in November 2024 as against 33.8% recorded in October 2024. According to the latest Consumer Price Index (CPI) report released in Abuja, the inflation rate increased by 0.72% within a month.
There has been a significant year-on-year increase of 6.4 per centage points compared to the 28.2% inflation rate recorded in November 2023. On a month-on-month basis, inflation rose by 2.638% in November 2024, a marginal drop of 0.002 percentage points from October’s 2.64%. This indicates that while prices are still increasing, the rate of monthly price growth slowed slightly in November 2024 compared to October, stated The National Bureau of Statistics (NBS).
The NBS said that Food inflation surged to 39.93% in November 2024, a sharp increase from 32.84% in November 2023 and it attributed the rise to higher prices of staple foods, including yams, water yams, cocoyams, guinea corn, maize, rice, beer, and vegetable oil.
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On a month-on-month basis, food inflation increased by 2.98% in November 2024, slightly higher than the 2.94% recorded in October and the Items driving this monthly increase included dried fish, rice, yam flour, millet, powdered milk, fresh milk, and frozen meat. Over the past 12 months, the average food inflation rate rose to 38.67%, a substantial increase of 11.58 percentage points compared to 27.09% in November 2023.
