Nigeria’s annual inflation rate climbed to 34.60% in November from 33.88% in October, according to the National Bureau of Statistics (NBS).
This continues the upward trend since September, following a brief two-month decline earlier in the year.
The NBS reported that November’s headline inflation rose by 0.72 percentage points compared to October 2024. On a year-on-year basis, the inflation rate was 6.40 percentage points higher than November 2023’s rate of 28.20%.
“This indicates that the headline inflation rate (year-on-year) increased in November 2024 compared to the same month last year (November 2023),” the report stated.
On a month-to-month basis, the November 2024 inflation rate stood at 2.638%, slightly lower than October’s 2.640%, signaling a marginally slower increase in the average price level.
Food inflation was notably high, reaching 39.93% in November 2024 on a year-on-year basis, which is 7.08 percentage points higher than November 2023’s rate of 32.84%.
