Nigeria’s Inflation Rate Rises To 34.6%
The National Bureau of Statistics (NBS), has said that Nigeria’s inflation rate increased from 33.8 in October to 34.6 per cent in November 2024.
The Bureau which stated this in its Consumer Price Index (CPI) report for November 2024 which captured was on Monday, December 16, 2024, said that the rate represented an increase of 0.72 per cent compared to the rate recorded in October 2024.
The BNS also said that the headline inflation rate, on a year-on-year basis, was 6.40 per cent points higher than the rate recorded in November 2023 (28.20 per cent).
It further said; “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).
“Furthermore, on a month-on-month basis, the headline inflation rate in November 2024 was 2.638%, which was 0.002 per cent points lower than the rate recorded in October 2024 (2.640 per cent).
“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 Bureau’s report also noted that food inflation rate in November 2024 was 39.93 per cent on a year-on-year basis, thereby indicating an increase of 7 per cent higher than the 32.84 per cent rate recorded in November 2023.
It said the rise in food inflation on a year-on-year basis was caused by increases in prices of food items including yam, water yam, coco yam, guinea corn, maize grains, rice, beer, palm oil, and vegetable oil.
The Bureau further said that the food inflation rate, on a month-on-month basis, was 2.98 per cent in November 2024 – 0.05 per cent points increase compared to the 2.94 per cent rate recorded in October 2024.
It particularly noted that food prices were responsible for the high inflation rate, adding that the 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, Powered Milk, Fresh Milk, etc (Milk, cheese and eggs Class) and Dried Beef, Goat Meat, Frozen Chicken, etc (Meat Class).
According to the NBS; “The average annual rate of food inflation for the twelve months ending November 2024 over the previous twelve-month average was 38.67%, which was 11.58% points higher compared with the average annual rate of change recorded in November 2023 (27.09%).”
