Nigeria’s headline inflation rose to 34.60% in November 2024 reflecting a further surge in the costs of goods and services across the country.
This is according to the latest Consumer Price Index (CPI) data released by the Nigeria Bureau of Statistics (NBS).
This shows that the headline inflation rose by 0.72% from 33.88% in October.
On a year-on-year basis, the Headline inflation rate rose by 6.40% points from 28.20% in November 2023.
However, on a month-on-month basis, the Headline inflation rate in November 2024 (2.638%) was 0.002% points lower than the 2.640% recorded in October 2024.
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 Urban inflation rate on a year-on-year basis was 37.10% in November, marking a 6.88% rise from the previous year. On a month-on-month basis, urban inflation increased by 0.02% to 2.77%.
The Food inflation rate in November 2024 rose by 7.08% to 39.93% from 32.84% in November 2023, on a year-on-year basis.
The year-on-year rise in Food inflation was caused by increases in the prices of various food items such as Yam, potatoes, Maize Grains, Rice, Palm Oil, and Vegetable Oil, among others.
On a month-on-month basis, Yobe, Kano, and Kebbi states saw the highest food inflation rates in November 2024, at 6.52%, 5.95%, and 5.68%, respectively. Meanwhile, Borno, Adamawa, and Kogi states experienced the slowest month-on-month food inflation rates, at 0.76%, 0.90%, and 1.21%, respectively.
The core inflation, which excludes the prices of volatile agricultural produce and energy stood at 28.75% in November 2024 on a year-on-year basis, rising by 6.36% from 22.38% recorded in November 2023.