The National Bureau of Statistics (NBS) said Monday that Nigeria’s headline inflation rate rose from 33.88% in October 2024 to 34.60% in November 2024. In comparison to the October 2024 inflation rate, this indicates a 0.72 percentage point increase.
BrandSpur Nigeria news today reports that the data is derived from the most recent Consumer Price Index (CPI) report from the NBS, which tracks how quickly prices for goods and services are changing.
According to NBS: “On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). 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).”
Notably, the rate of food inflation in November 2024 was 39.93% year over year, which was 7.08% points higher than the rate in November 2023 (32.84%). In November 2024, the food inflation rate was 2.98% on a month-over-month basis, indicating a 0.05% increase over the rate of 2.94% in October 2024.
The average price increases of mudfish, dried catfish, dried fish sardines, rice, yam flour, millet whole grain, maize flour, agric egg, powdered milk, fresh milk, dry beef, goat meat, and frozen chicken are among the factors contributing to the rise in food inflation. Inflation for food and commodities has surged as Nigerians struggle with what may be the worst cost of living crisis since the nation’s independence more than 60 years ago.
The International Monetary Fund (IMF) and the World Bank, two Bretton Woods institutions, have pushed for the naira to be floated and energy subsidies to be eliminated, claiming that Nigeria was experiencing extreme inflationary pressures as a result of the two economic policies’ failure.
President Bola Tinubu eliminated the fuel subsidy and floated the naira following his inauguration in May 2023. Fuel prices more than doubled, rising from around N200 per liter to over N1,100 in several regions of the nation.
The value of the naira plummeted as well, swaying from about N700/$ to N1,600.
