Nigeria’s inflation rate reached 34.60% in November 2024, marking a 0.72 percentage point increase from October’s 33.88%, according to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday. The figure represents a significant year-on-year rise of 6.40 percentage points compared to November 2023’s 28.20%.
The NBS report noted that while the monthly inflation rate slowed marginally to 2.638% in November from 2.640% in October, the annual increase highlights the persistent strain on Nigerian households. “On a year-on-year basis, the Headline inflation rate was 6.40 percentage points higher than the rate recorded in November 2023. This shows that the Headline inflation rate increased in November 2024 compared to the same month in the preceding year,” the report stated.
Food inflation surged to 39.93% in November, up from 32.84% in the same period last year, as prices of staple items such as yam, rice, maize, and palm oil soared. Other essentials, including guinea corn, millet, and meat, also recorded notable price hikes. On a month-on-month basis, food inflation rose by 2.98%, slightly higher than October’s 2.94%.
The twelve-month average food inflation rate reached 38.67% in November, an 11.58 percentage point increase compared to 27.09% in the previous year. This sustained rise underscores challenges in food supply chains and domestic production, further straining household budgets.
Core inflation, which excludes volatile food and energy prices, climbed to 28.75% in November 2024 from 22.38% in November 2023. Rising costs in transportation, housing, and personal services were key contributors, with significant price increases reported for bus fares, taxi journeys, rents, and personal grooming services.
On a monthly basis, core inflation eased slightly to 1.83% in November from 2.14% in October. However, the twelve-month average for core inflation rose to 26.64%, up from 20.35% in November 2023, reflecting persistent price pressures across various sectors of the economy.
The latest data paints a grim picture for Nigeria’s economy as inflationary pressures persist across food and non-food sectors. The NBS highlighted the impact of rising energy costs, currency depreciation, and weak supply chains as underlying factors. Analysts emphasize the need for robust policy measures to address these challenges and stabilize the economy.
The continued surge in inflation highlights the urgency of improving agricultural output, addressing supply chain inefficiencies, and mitigating external economic shocks to ease the burden on Nigerian households and businesses.
