Nigeria’s National Bureau of Statistics (NBS) has announced that the inflation rate increased to 34.6% in November 2024 as against 33.8% recorded in October 2024.
According to the latest Consumer Price Index (CPI) report released on Monday in Abuja, the inflation rate increased by 0.72% within a month.
It added that there was a significant year-on-year increase of 6.4 percentage points compared to the 28.2% inflation rate recorded in November 2023.
On a month-on-month basis, inflation rose by 2.638% in November 2024, a marginal drop of 0.002 percentage points from October’s 2.64%.
“This indicates that while prices are still increasing, the rate of monthly price growth slowed slightly in November 2024 compared to October,” the bureau said.
The NBS said that Food inflation surged to 39.93% in November 2024, a sharp increase from 32.84% in November 2023 and it attributed the rise to higher prices of staple foods, including yams, water yams, cocoyams, guinea corn, maize, rice, beer, and vegetable oil.
On a month-on-month basis, food inflation increased by 2.98% in November 2024, slightly higher than the 2.94% recorded in October and that the Items driving this monthly increase included dried fish, rice, yam flour, millet, powdered milk, fresh milk, and frozen meat.
Over the past 12 months, the average food inflation rate rose to 38.67%, a substantial increase of 11.58 percentage points compared to 27.09% in November 2023.
GIK/APA