Nigeria’s inflation rate climbed to 34.6 percent in November 2024, up from 33.8 percent in October, according to the National Bureau of Statistics (NBS).
The bureau’s latest Consumer Price Index (CPI) report, published on Monday, shows an increase of 0.72 percent from the previous month.
The year-on-year inflation rate in November was 6.40 percentage points higher than the 28.20 percent recorded in November 2023. On a month-to-month basis, the inflation rate slightly slowed, dipping to 2.638 percent in November from 2.640 percent in October.
Food inflation, which remains a major concern, surged to 39.93 percent on a year-on-year basis, marking a 7 percent increase from the 32.84 percent rate recorded in November 2023.
Key contributors to this rise included the prices of yams, maize, rice, and palm oil, as well as beer, tobacco, and vegetable oils.
READ ALSO: Nigeria’s inflation hits 33.88% amid rising food prices
On a month-to-month basis, food inflation rose by 2.98 percent in November, a slight uptick from 2.94 percent in October.
This increase was driven by higher prices for items such as fish, rice, eggs, milk, and meat products like dried beef and frozen chicken.
The average annual food inflation rate for the 12 months ending November 2024 stood at 38.67 percent, up 11.58 percentage points from the previous year.
Regionally, Bauchi, Kebbi, and Anambra experienced the highest food inflation rates, at 46.21 percent, 42.41 percent, and 40.48 percent, respectively.
Meanwhile, Delta, Benue, and Katsina had the lowest food inflation rates, with figures of 26.47 percent, 28.98 percent, and 29.57 percent.
On a month-to-month basis, Yobe, Kebbi, and Anambra recorded the highest food inflation rates at 5.14 percent, 5.10 percent, and 4.88 percent, respectively.
Conversely, Adamawa, Osun, and Kogi saw the slowest increases in food prices, with rates of 0.95 percent, 1.12 percent, and 1.29 percent.
.){kind=link}