Nigeria’s annual inflation rate climbed to 34.60% in November, up from 33.88% in October, according to data released by the National Bureau of Statistics (NBS) on Monday.
This indicates that the headline inflation rate increased by 0.72%. The upward trend, which began in September, continues after a brief two-month decline earlier in the year.
On a year-on-year basis, the NBS said the headline inflation rate was 6.40 per cent points higher than the rate recorded in November 2023 (28.20 per cent).
Furthermore, on a month-on-month basis, the headline inflation rate in November 2024 was 2.638 per cent, which was 0.002 per cent points lower than the rate recorded in October 2024 (2.640 per cent)
Food inflation
The report reveals that Nigeria’s food inflation rate surged to 39.93% in November 2024 on a year-on-year basis. This represents a significant increase of 7.08 percentage points compared to the 32.84% recorded in November 2023.
