Nigeria’s inflation rate rose to 34.60% in November 2024, reflecting a 0.72% increase from the 33.88% recorded in October. The uptick in the headline inflation index was driven by higher average prices of various goods and services across different sectors.
The latest Consumer Price Index (CPI) report released by the National Bureau of Statistics on Monday, inflation saw a significant year-on-year increase, climbing 6.40 percentage points from 28.20% in November 2023.
Food inflation surged to 39.93% in November 2024, up by 7.08 percentage points compared to the 32.84% recorded in the same period of 2023. Similarly, core inflation, which excludes volatile items like agricultural produce and energy, rose to 28.75% in November 2024, compared to 22.38% in November 2023.