Nigeria’s headline inflation rate has risen to 34.60% in November 2024, up from 33.88% in October 2024, according to the National Bureau of Statistics (NBS).
This represents a 0.72% points increase compared to the previous month.
The inflation rate is 6.40% points higher than the rate recorded in November 2023, which was 28.20%. The food inflation rate, in particular, has skyrocketed to 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023.
The rise in food inflation is attributed to the increase in prices of essential food items such as mudfish, catfish, rice, yam flour, and millet.
On a month-on-month basis, the food inflation rate increased by 0.05% points to 2.98% in November 2024.
The surge in inflation has been linked to the removal of petrol subsidies and the floating of the naira, which were implemented by the government in May 2023. The petrol price has more than quadrupled, soaring from less than N200 per litre to over N1,100 in many parts of the country. The naira has also taken a nosedive, wobbling from around N700/$ to N1,600.
The inflationary pressures have plunged Nigerians into a severe cost of living crisis, with many struggling to afford basic necessities.
