For the third straight month, Nigeria’s inflation rose to 34.60 percent, year-on-year basis in November 2024, from 33.88 per cent recorded in October; the National Bureau of Statistics, NBS, announced on Monday.
The advance, a continuation of the upward trend observed from September, showed an increase of 0.72 per cent points compared to the October 2024 headline inflation rate.
“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 in its latest Consumer Price Index (CPI) report released on Monday.
According to the NBS, the headline inflation rate in November was higher by 6.40 per cent points (from 39.16% the previous month) than the rate recorded in November 2023 which stood at 28.20 per cent, on a year-on-year basis.
The surge in headline inflation, which started in September after easing in July and August, has been attributed to the lingering effects of the devaluation of the naira as well as the intermittent petrol price increases.
The factors have stoked the harshest cost-of-living crisis in the history of the world’s most populous Black nation. They have also shortened the citizens’ romance with the reformist administration of President Bola Ahmed Tinubu.
According to the NBS report, food inflation rate also spiked to 39.93 per cent in November 2024 on a year-on-year basis, 7.08 per cent points higher than the rate recorded the same month in 2023, which stood at 32.84 per cent.
