Nigeria’s inflation rate rises to 34.60% in November

Nigeria’s inflation rate has risen from 33.88 percent in October to 34.60 percent in November.

The National Bureau of Statistics (NBS) disclosed this in the November Consumer Price Index and Inflation (CPI) report released on Monday.

According to the report, the increase in November was by 0.72 percent. The report showed an increase of 6.40 percent when compared with the report of November 2023.

“In November 2024, the Headline inflation rate was 34.60% relative to the October 2024 headline inflation rate of 33.88%. Looking at the movement, the November 2024 Headline inflation rate showed an increase of 0.72% points compared to the October 2024 Headline inflation rate.

On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023),” it read.

However, the report showed that the increase in the average price in November was slower than in October 2024.

“Furthermore, on a month-on-month basis, the Headline inflation rate in November 2024 was 2.638%, which was 0.002% points lower than the rate recorded in October 2024 (2.640%).

“This means that in November 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in October 2024,” it stated.

The report also disclosed that Nigeria’s food inflation was 39.93%.