Just In! Again, Nigeria’s Inflation Rate Surges To 34.6%

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December 16, 2024

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By Abiola Olawale

In November 2024, Nigeria’s headline inflation rate experienced a notable increase, climbing to 34.60%, up from 33.88% recorded in October 2024, the National Bureau of Statistics (NBS) has reported.

The NBS, in the latest Consumer Price Index (CPI) report, said a rise of 0.72 percentage points from the previous month underscores the persistent upward pressure on prices.

The report reads in part: “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).”

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