Nigeria’s inflation rate rises to 34.6% on high food prices

Nigeria’s inflation rate rises to 34.6% on high food prices

Nigeria’s inflation rate increased to 34.6% in November 2024, up from 33.8% in October, according to the National Bureau of Statistics (NBS).

The latest Consumer Price Index (CPI) report, released on Monday, highlights a 0.72% rise in inflation within a month.

The NBS reported a significant year-on-year increase of 6.4 percentage points compared to the 28.2% inflation rate recorded in November 2023.

On a month-on-month basis, inflation rose by 2.638% in November 2024, a marginal drop of 0.002 percentage points from October’s 2.64%.

“This indicates that while prices are still increasing, the rate of monthly price growth slowed slightly in November 2024 compared to October,” the bureau said.

Food inflation surged to 39.93% in November 2024, a sharp increase from 32.84% in November 2023. The NBS attributed this rise to higher prices of staple foods, including yams, water yams, cocoyams, guinea corn, maize, rice, beer, and vegetable oil.

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On a month-on-month basis, food inflation increased by 2.98% in November 2024, slightly higher than the 2.94% recorded in October. Items driving this monthly increase included dried fish, rice, yam flour, millet, powdered milk, fresh milk, and frozen meat.

Over the past 12 months, the average food inflation rate rose to 38.67%, a substantial increase of 11.58 percentage points compared to 27.09% in November 2023.

Food inflation varied across states, with Bauchi recording the highest rate at 46.21%, followed by Kebbi (42.41%) and Anambra (40.48%). States with the lowest year-on-year food inflation were Delta (26.47%), Benue (28.98%), and Katsina (29.57%).

On a month-on-month basis, Yobe (5.14%), Kebbi (5.10%), and Anambra (4.88%) recorded the highest food inflation rates. Conversely, states with the slowest month-on-month rise were Adamawa (0.95%), Osun (1.12%), and Kogi (1.29%).

The report highlighted several food categories driving inflation:

Nigeria’s inflation rate rises to 34.6% on high food prices