Nigeria’s inflation rate rises to 34.6%

The National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rate increased to 34.6 per cent in November 2024.

The NBS disclosed that Nigeria’s inflation rate rose from 33.8 per cent recorded in October.

The bureau announced this in its Consumer Price Index (CPI) report for November published on Monday, December 16, 2024.

The NBS stated that the rate represents an increase of 0.72 per cent compared to the rate recorded in October 2024.

It stated that the headline inflation rate, on a year-on-year basis, was 6.40% points higher than the rate recorded in November 2023 (28.20%).

The NBS noted: “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%).

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“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.”

The NBS said the food inflation rate in November 2024 was 39.93 per cent on a year-on-year basis, an increase of 7 per cent higher than the 32.84 per cent rate recorded in November 2023.

The bureau said the rise in food inflation on a year-on-year basis was caused by increases in prices of food items including yam, water yam, coco yam, guinea corn, maize grains, rice, beer, palm oil, and vegetable oil.

The NBS said the food inflation rate, on a month-on-month basis, was 2.98 per cent in November 2024 –  0.05 per cent points increase compared to the 2.94 per cent rate recorded in October 2024.

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It added: “The rise is attributed to the rate of increase in the average prices of Mudfish, Catfish Dried, Dried Fish Sadine, etc (Fish Class), Rice, Yam Flour, Millet Whole grain, Corn flour, etc (Bread and Cereals Class), Agric Egg, Powered Milk, Fresh Milk, etc (Milk, cheese and eggs Class) and Dried Beef, Goat Meat, Frozen Chicken, etc (Meat Class).

“The average annual rate of food inflation for the twelve months ending November 2024 over the previous twelve-month average was 38.67%, which was 11.58% points higher compared with the average annual rate of change recorded in November 2023 (27.09%).”

The Star