The National Bureau of Statistics reported Nigeria’s headline inflation rate rose to 34.60 percent in November 2024, a 0.72 percentage point increase from October’s 33.88 percent.
The NBS disclosed this in its Consumer Price Index and Inflation Report for November, which was released in Abuja on Monday.
On a year-on-year basis, the headline inflation rate in November 2024 was 6.40 percent higher than the 28.20 percent recorded in November 2023.
The report also revealed that on a month-on-month basis, the inflation rate for November 2024 was 2.63 percent, which was slightly lower than the 2.64 percent recorded in October.
The NBS attributed the increase in the headline inflation to rising prices in various sectors, including food and non-alcoholic beverages, housing, water, electricity, gas, clothing, transport, education, health, and other goods and services.
The average CPI for the 12 months ending November 2024 stood at 32.77 percent, indicating an 8.76 percent increase from the 24.01 percent recorded in November 2023.
Food inflation in November 2024 rose to 39.93 percent on a year-on-year basis, up from 32.84 percent in November 2023.
The increase in food prices was attributed to higher costs of yam, rice, maize, and other staples, as well as vegetable oil, fats, and processed foods.
On a month-on-month basis, food inflation increased by 2.98 percent, slightly up from the 2.93 percent recorded in October 2024.
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Core inflation, which excludes volatile agricultural produce and energy, stood at 28.75 per cent in November 2024, a 6.36 percent increase from 22.38 percent in the previous year.
The urban inflation rate in November 2024 was recorded at 37.10 percent, up from 30.21 percent in November 2023, while the rural inflation rate was 32.27 percent, compared to 26.43 percent in the same period last year.
On a month-on-month basis, the urban inflation rate increased to 2.77 percent, while the rural inflation rate rose by 2.51 percent.
State-level analysis revealed that Bauchi had the highest year-on-year inflation rate at 46.21 percent, followed by Kebbi at 42.41 percent, and Anambra at 40.48 percent.
On the other hand, Delta, Benue, and Katsina States recorded the slowest rises in inflation.
Food inflation was highest in Sokoto at 51.30 percent, with Yobe and Edo following closely.
Yobe also recorded the highest month-on-month food inflation at 6.52 percent, while Borno, Adamawa, and Kogi had the slowest increases.
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