Nigeria’s inflation rate rose to 34.60 percent in November 2024, up from 33.88 percent in October, further exacerbating economic hardships for citizens.
The National Bureau of Statistics (NBS), in its latest Consumer Price Index and Inflation report, revealed a 0.72 percent month-on-month increase in the headline inflation rate. On a year-on-year basis, inflation surged by 6.40 percent, significantly higher than the 28.20 percent recorded in November 2023.
The rise in inflation was primarily attributed to escalating food prices, which pushed food inflation to 39.93 percent in November, compared to 39.19 percent in the preceding month. The increase highlights the country’s ongoing struggles with food insecurity and the surging costs of essential staples.
A deeper analysis of the data showed that urban inflation was higher at 37.10 percent, while rural inflation stood at 32.27 percent, indicating a widespread impact of rising costs across both urban and rural areas.
The persistent inflationary pressure underscores the need for urgent measures to address food supply disruptions, stabilize prices, and mitigate the impact on households already grappling with economic challenges.
