Nigeria’s inflation rate climbed to 34.60% in November 2024, up from 33.88% in October, reflecting a 0.72 percentage point increase, according to the latest Consumer Price Index report by the National Bureau of Statistics (NBS).
The report highlights a significant year-on-year rise, with the November 2024 inflation rate standing 6.40 percentage points higher than the 28.20% recorded in the same month last year.
The surge is largely attributed to escalating food prices, which continue to strain Nigerian households. Food inflation soared to 39.93% in November, compared to 32.84% in the same period last year. Staples like yam, rice, maize, and palm oil saw sharp price hikes, alongside increases in the costs of fish, dairy products, and meat. Month-on-month, food inflation rose marginally by 2.98%, up from October’s 2.94%.
Core inflation, which excludes volatile items like food and energy, also rose to 28.75% in November, up from 22.38% a year earlier.
Transportation, housing, and personal services were among the sectors with the highest price increases, including bus fares, rents, and personal grooming services. Month-on-month, core inflation slightly declined to 1.83% in November from October’s 2.14%.
Regional disparities in inflation rates were notable. Bauchi, Kebbi, and Anambra recorded the highest year-on-year inflation rates at 46.21%, 42.41%, and 40.48%, respectively.
In contrast, Delta, Benue, and Katsina had the lowest rates, ranging between 27.47% and 29.57%. For food inflation, Sokoto, Yobe, and Edo experienced the highest year-on-year rates at 51.30%, 49.69%, and 47.77%, respectively.
Urban areas recorded higher inflation rates than rural regions, with urban inflation reaching 37.10% compared to rural inflation at 32.27%.
On a month-on-month basis, urban inflation rose by 2.77%, while rural inflation increased by 2.51%.
The continued rise in inflation underscores persistent economic challenges, with rising costs across multiple sectors intensifying the burden on consumers and businesses.
