Nigeria’s annual inflation rate rose to 34.60 per cent in November from 33.88 per cent in October, the National Bureau of Statistics (NBS) said on Monday.
This marks a continuation of the upward trend observed from September, when the nation recorded a reversal of a two-month decline.
The statistics office said the November 2024 headline inflation rate showed an increase of 0.72 per cent points compared to the October 2024 headline inflation rate.
On a year-on-year basis, the NBS said the headline inflation rate was 6.40 per cent points higher than the rate recorded in November 2023 (28.20 per cent).
“This shows that the headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in November 2024 was 2.638 per cent, which was 0.002 per cent points lower than the rate recorded in October 2024 (2.640 per cent),” it said.
This, it said, means that in November 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in October 2024.
According to the report, the Food inflation rate in November 2024 was 39.93 per cent on a year-on-year basis, 7.08 per cent points higher than the rate recorded in November 2023 (32.84 per cent).