Mohamed Garba
According to the National Bureau of Statistics (NBS) Nigeria’s annual inflation rate rose to 34.60% in November, up from 33.88% in October.. This marks a continuation of the upward trend observed since September, reversing a two-month decline.
The NBS reported a 0.72% increase in the headline inflation rate compared to October. On a year-on-year basis, the inflation rate is 6.40% higher than the rate recorded in November 2023.
The food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023.
The headline inflation rate in November 2024 was 2.638%, slightly lower than in October 2024.
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).
“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),” it said.
This, it said, it 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.
According to the report, the Food inflation rate in November 2024 was 39.93 percent on a year-on-year basis, 7.08 per cent points higher than the rate recorded in November 2023 (32.84 percent).
The rising inflation rate is a concern for Nigerians, who are already struggling with economic hardship. The government will need to implement effective policies to address the issue and provide relief to citizens.
