The inflation rate in Nigeria rose to 34.60 per cent in November 2024, showing an increase of 0.72 percentage points compared to 33.88 per cent recorded in October 2024.
The National Bureau of Statistics (NBS), while announcing the release of the data on Monday said, “In November 2024, the Headline inflation rate was 34.60 per cent relative to the October 2024 headline inflation rate of 33.88 per cent.
“Looking at the movement, the November 2024 Headline inflation rate showed an increase of 0.72 percentage points compared to the October 2024 Headline inflation rate.”
The NBS attributed the rise in the inflation rate in November 2024 to the Food inflation rate, which was 39.93 per cent on a year-on-year basis, indicating 7.08 percentage points higher than the 32.84 per cent recorded in November 2023.
On a year-on-year basis, the Headline inflation rate was 6.40 percentage points higher than the 28.20 per cent rate recorded in November 2023.
This shows that the year-on-year headline inflation rate increased in November 2024 compared to the same month in the preceding year of November 2023.
Furthermore, the NBS noted that on a month-on-month basis, the Headline inflation rate in November 2024 was 2.638 per cent, which was 0.002 percentage points lower than the 2.640 per cent recorded in October 2024.
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 NBS highlighted that “The percentage change in the average CPI for the twelve months ending November 2024 over the average for the previous twelve-month period was 32.77%, showing 8.76% points increase compared to 24.01% recorded in November 2023.”
The Urban inflation rate on a year-on-year basis, in November 2024 was 37.10 per cent, indicating 6.88 percentage points higher compared to the 30.21 per cent recorded in November 2023.
On a month-on-month basis, the Urban inflation rate was 2.77 per cent in November 2024, showing 0.02 percentage points higher compared to 2.75 per cent recorded in October 2024.
The corresponding twelve-month average for the Urban inflation rate was 35.07 per cent in November 2024, and this
was 9.62 percentage points higher compared to the 25.45 per cent reported in November 2023.
The NBS reported that the Rural inflation rate in November 2024 was 32.27 per cent on a year-on-year basis.
This was 5.84 percentage points higher compared to the 26.43 per cent recorded in November 2023.
On a month-on-month basis, the rural inflation rate in November 2024 was 2.51 per cent, down by 0.02 percentage points compared to 2.53 per cent recorded in October 2024
“The corresponding twelve-month average for the Rural inflation rate in November 2024 was 30.71%. This was 8.00% points higher compared to the 22.71% recorded in November 2023,” the NBS said.
The NBS stated that 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).
