By Our Correspondent
Nigeria’s inflation rate has reached 34.6% for November 2024, up from 33.8% in October, according to the National Bureau of Statistics (NBS).
The increase represents a 0.72% rise compared to October. On a year-to-year comparison, inflation is 6.4% higher than November 2023, when it stood at 28.2%.
Food prices have been a major contributor to the inflation surge. Food inflation rose to 39.93% in November 2024, driven by higher costs for staples like yam, rice, maize, and various oils.
This marks a 7% increase from the previous year, with items such as dried fish, beef, and dairy also seeing price hikes. Monthly food inflation increased slightly by 0.05%, standing at 2.98% for November.
Regionally, food inflation was highest in Bauchi, Kebbi, and Anambra, while Delta, Benue, and Katsina had the lowest increases.
On a month-to-month basis, Yobe, Kebbi, and Anambra saw the steepest rises in food prices, while states like Adamawa and Osun experienced the slowest increases.
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