The Nigeria’s headline inflation rate has increased to 34.6 percent in November — up from 33.8 percent in October.
The National Bureau of Statistics (NBS) made this known in its consumer price index (CPI) report for November published on Monday.
According to the NBS, the rate represents an increase of 0.72 percent compared to the October 2024 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).
