The National Bureau of Statistics says Nigeria’s inflation rate rose to 34.6 percent in November — up from 33.8 percent in October.
In its consumer price index (CPI) report for November published on Monday, NBS said the rate represents an increase of 0.72 percent compared to the October 2024 rate.
“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%),” the bureau said.
“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).
“Furthermore, on a month-on-month basis, the headline inflation rate in November 2024 was 2.638%, which was 0.002% points lower than the rate recorded in October 2024 (2.640%).
“This means that in November 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in October 2024.”
NBS said the food inflation rate in November 2024 was 39.93 percent on a year-on-year basis – an increase of 7 percent higher than the 32.84 percent rate recorded in November 2023.
“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items; Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Guinea Corn, Maize Grains, Rice, etc (Bread and Cere-als Class), Beer, Pinto (Tobacco Class), and Palm Oil, Vegetable Oil, etc (Oil and Fats Class),” NBS said.
