Inflation in Nigeria rose to 34.60% in November 2024, marking an increase of 0.72 percentage points from the 33.88% recorded in October, according to the latest Consumer Price Index report by the National Bureau of Statistics.
The report highlighted that inflation has risen significantly compared to the same period last year. In November 2023, the inflation rate stood at 28.20%, indicating a year-on-year increase of 6.40 percentage points.
“In November 2024, the Headline inflation rate was 34.60% relative to the October 2024 rate of 33.88%. On a year-on-year basis, the November 2024 Headline inflation rate was 6.40 percentage points higher than the 28.20% recorded in November 2023,” the NBS noted.
Food inflation, which has been a significant driver of the overall rise, surged to 39.93% in November, up from 32.84% in the same month last year. Staple foods such as yam, rice, maize, and palm oil experienced steep price increases, along with guinea corn, millet, and meat.
On a month-on-month basis, food inflation edged up to 2.98% from October’s 2.94%. The NBS attributed this to higher prices for items like fish, rice, dairy products, and meat.
The report stated, “The twelve-month average food inflation rate for the period ending November 2024 stands at 38.67%, marking an 11.58 percentage point increase from the previous year’s 27.09%.”
Core inflation, which excludes food and energy prices, rose to 28.75% in November, compared to 22.38% in November 2023. This reflects rising costs in areas such as transportation, housing, and personal services.
The highest price hikes were recorded in transportation fares, rents, and personal grooming services. On a month-on-month basis, however, core inflation dropped slightly to 1.83% in November from 2.14% in October.
The twelve-month average for core inflation rose to 26.64%, up from 20.35% in November 2023, indicating widespread economic pressures beyond food prices.
Inflation rates varied across regions, with Bauchi, Kebbi, and Anambra recording the highest year-on-year inflation at 46.21%, 42.41%, and 40.48%, respectively. Delta, Benue, and Katsina had the lowest rates, ranging from 27.47% to 29.57%.
For food inflation, Sokoto, Yobe, and Edo topped the list with year-on-year rates of 51.30%, 49.69%, and 47.77%, while Kwara, Kogi, and Rivers experienced the lowest increases at 31.39%, 32.95%, and 33.27%, respectively.
Urban inflation was higher than rural inflation, with rates of 37.10% and 32.27% in November 2024, respectively. On a month-on-month basis, urban inflation rose by 2.77%, while rural inflation stood at 2.51%.
The twelve-month average for urban inflation reached 35.07%, compared to 30.71% in rural areas, highlighting a sharper rise in prices for urban consumers.
The rising inflation rate continues to strain Nigerian households and businesses, with many struggling to cope with increasing food prices and living costs.
