Nigeria’s inflation rose to 34.60 percent in November 2024 spurred by increases in food and electricity costs, according to the latest data by the National Bureau of Statistics (NBS) on Monday.
The headline inflation rate was relative to the October 2024 headline inflation rate of 33.88 percent, according to data from the
Looking at the movement, the November 2024 Headline inflation rate showed an increase of 0.72 percent points compared to the October 2024 Headline inflation rate.
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 percent). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (November 2023).
Furthermore, on a month-on-month basis, the headline inflation rate in November 2024 was 2.638 percent, which was 0.002 percent points lower than the rate recorded in October 2024 (2.640 percent).
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 data also showed that the food inflation rate in November 2024 was 39.93 percent on a year-on-year basis, 7.08 percent points higher than the rate recorded in November 2023 (32.84 percent).
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, potatoes, and other tubers class, guinea corn, maize grains, rice, beer and consumable oils.
On a month-on-month basis, the food inflation rate in November 2024 was 2.98 percent which shows 0.05 percent points increase compared to the rate recorded in October 2024 (2.94 percent).
The rise is attributed to the rate of increase in the average prices of mudfish, catfish dried, dried fish sardine, rice, yam flour, millet whole grain, corn flour, agric egg, powdered milk, fresh milk, and the meat class.
The average annual rate of food inflation for the twelve months ending November 2024 over the previous twelve-month average was 38.67 per cent, which was 11.58 per cent points higher compared with the average annual rate of change recorded in November 2023 (27.09 per cent).
Investors King reports that this comes as Nigeria enters the festive season, which has been known to spur increases in the prices of amenities.