How Nigeria’s Inflation Rose To 34.60% in November

By Kolawole Ojebisi 

The National Bureau of Statistics (NBS) has stated that Nigeria’s inflation has increased to 34.60 per cent in November.

According to a report by the bureau, this current rate showed an increase of 0.72% points, compared to the 33.88 percent recorded in October 2024.

On a year-on-year basis, the headline inflation rate was 6.40 percent 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). 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,” the report said.

Food inflation increased to 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).

It said: “The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items; 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).

“On a month-on-month basis, the Food inflation rate in November 2024 was 2.98% which shows 0.05% points increase compared to the rate recorded in October 2024 (2.94%). The rise is attributed to the rate of increase in the average prices of Mudfish, Catfish Dried, Dried Fish Sadine, 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).”

The report further stated that 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%).