Nigeria inflation rises to 34.6% in November
Onome Amuge
Nigeria’s headline inflation accelerated to 34.60 percent in November 2024, representing 0.72 percentage points increase over the 33.88 percent inflation recorded in October, according to the National Bureau of Statistics (NBS).
The NBS also reported a year-on-year increase in Nigeria’s headline inflation rate, with the November 2024 rate at 34.60 percent 6.40 percentage points above the 28.20 percent recorded in November 2023.
However, the month-on-month headline inflation rate for November 2024 stood at 2.638 percent, which was slightly lower than the 2.640 percent rate recorded in October 2024. The marginal decrease in the rate of price increase indicates that prices of goods and services increased at a slower pace in November 2024 than in the previous month.
Meanwhile, food inflation increased to 39.93 percent on a year-on-year basis, 7.08 percentage points higher than the 32.84 percent rate recorded in November 2023.
The rise in food inflation on a year-on-year basis was attributed to increases in prices of yam, water yam, coco yam, etc (Potatoes, Yam & Other Tubers Class), Guinea corn, maize grains, rice, etc (Bread and Cereals Class), beer, Pinto (Tobacco Class), and palm oil, vegetable oil, etc (Oil and Fats Class).
Food inflation also increased on a month-on-month basis, as the food inflation rate in November 2024 stood at 2.98 percent which shows 0.05 percentage points increase compared to the 2.94 percent rate recorded in October 2024.
The monthly rise is attributed to the rate of increase in the average prices of mudfish, catfish (dried), dried fish, Sardine, etc (Fish Class); rice, yam flour, millet whole grain, corn flour, etc (Bread and Cereals Class), Agric egg, Powdered milk, fresh milk, etc (Milk, cheese and eggs Class) and dried beef, goat meat, frozen chicken, etc (Meat Class).”
The CPI report by NBS also revealed that the average food inflation rate for the twelve-month period ending in November 2024 stood at 38.67 percent, an increase of 11.58 percentage points over the 27.09 percent recorded in the same period in November 2023.