Nigeria’s inflation rate climbed to 34.60 percent in November 2024, up from 33.88 percent in October, marking an increase in economic hardship for Nigerians.
This is according to the latest Consumer Price Index and Inflation report released by the National Bureau of Statistics (NBS). The report highlights a 0.72 percent month-on-month increase in headline inflation.
Year-on-year, inflation surged by 6.40 percent compared to the 28.20 percent recorded in November 2023.
The rise in inflation was driven largely by soaring food prices, with food inflation jumping to 39.93 percent in November from 39.19 percent in October. This reflects the persistent challenge of food insecurity and the rising cost of staples in the country.
Further breakdown of the report showed that urban inflation stood at 37.10 percent, while rural inflation was slightly lower at 32.27 percent.
