The National Bureau of Statistics says Nigeria’s inflation rate rose to 34.6 per cent in November — up from 33.8 percent in October.
The NBS in its consumer price index (CPI) report for November published yesterday, shows that 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 in November 2024 was 6.40 per cent higher than the 28.20 per cent recorded in November 2023.
Also on a month-on-month basis, the inflation rate for November 2024 was 2.63 per cent, which was slightly lower than the 2.64 per cent recorded in October.
The NBS attributed the increase in the headline inflation to rising prices in various sectors, including food and non-alcoholic beverages, housing, water, electricity, gas, clothing, transport, education, health, and other goods and services.
The average CPI for the 12 months ending November 2024 stood at 32.77 per cent, indicating an 8.76 per cent increase from the 24.01 per cent recorded in November 2023.
Food inflation in November 2024 rose to 39.93 per cent on a year-on-year basis, up from 32.84 per cent in November 2023.
The increase in food prices was attributed to higher costs of yam, rice, maize, and other staples, as well as vegetable oil, fats, and processed foods.
On a month-on-month basis, food inflation increased by 2.98 per cent, slightly up from the 2.93 per cent recorded in October 2024.
