Nigeria’s inflation rose to 34.60% in November — NBS

Inflation in Nigeria has risen to 34.60 per cent in November 2024, reflecting a 0.72 per cent increase from October’s rate of 33.88 per cent.

According to the latest Consumer Product Index report released by the National Bureau of Statistics on Monday, this marks a significant year-on-year rise, with the November 2024 rate being 6.40 percentage points higher than the 28.20 per cent recorded in November 2023.

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 rise in inflation is largely driven by food price increases, which continue to place a strain on Nigerian households.

On a month-on-month basis, the headline inflation rate showed a marginal slowdown, standing at 2.638 per cent in November compared to 2.640 per cent in October.

While inflation remains high, this slight dip indicates a slower pace of price increases than the previous month.

However, the year-on-year increase still highlights the ongoing pressure on consumers, with the cost of living continuing to climb.

Food inflation has also seen a sharp rise, reaching 39.93 per cent in November 2024, up from 32.84 per cent in the same period last year.

Prices for staple foods such as yam, rice, maize, and palm oil have surged, contributing to the increase in food inflation.

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.

The twelve-month average food inflation rate for the period ending November 2024 stands at 38.67 per cent, marking an 11.58 percentage point rise from the previous year’s 27.09 per cent.

The significant increase in food prices is a key driver of the overall inflationary pressures facing the country, highlighting the difficulties in managing food supply chains and meeting domestic demand.

Core inflation, which excludes food and energy prices, rose to 28.75 per cent in November 2024, compared to 22.38 per cent in the same period last year.

This increase reflects rising costs in other sectors, particularly in transportation, housing, and personal services.

The highest increases were recorded in the prices of taxi journeys, bus fares, rents, and personal grooming services.

Month-on-month core inflation decreased slightly to 1.83 per cent in November from 2.14 per cent in October, but the annualised rate continues to climb, reflecting broader economic pressures.

The twelve-month average for core inflation stands at 26.64 per cent, up from 20.35 per cent in November 2023.

The ongoing rise in core inflation indicates that price pressures are not limited to food alone but are widespread across various sectors of the economy.