Nigeria’s headline inflation rate has risen to 34.60% in November 2024, marking a 0.72 percentage point increase from October’s 33.88%, according to the National Bureau of Statistics (NBS).
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for November.
On a year-on-year basis, the headline inflation rate in November 2024 was 6.40% higher than the 28.20% recorded in November 2023.
The report also revealed that, on a month-on-month basis, the inflation rate for November 2024 was 2.63%, slightly lower than the 2.64% 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.
Food inflation in November 2024 rose to 39.93% on a year-on-year basis, up from 32.84% 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.