Nigeria’s annual inflation rate surged to 34.60% in November 2024, up from 33.88% in October, continuing an upward trend that began in September, according to data from the National Bureau of Statistics (NBS).
This represents a 0.72 percentage point increase from the previous month and a sharp 6.40 percentage point rise compared to November 2023, when the inflation rate stood at 28.20%.
“On a year-on-year basis, the headline inflation rate increased significantly in November 2024 compared to the same month in the preceding year,” the NBS said in its report.
Month-on-Month Changes
On a month-on-month basis, inflation in November was reported at 2.638%, showing a marginal decline of 0.002 percentage points from October’s figure of 2.640%. The NBS explained that while prices continue to rise, the pace of increase in November was slightly slower than in October.
Food Inflation Hits Hard
Food inflation remained a major driver of the headline inflation rate, with a year-on-year increase of 39.93% in November. This is 7.08 percentage points higher than the 32.84% recorded in November 2023, reflecting continued pressure on food prices across the country.
Inflation’s Impact
The rising inflation continues to erode purchasing power for Nigerians, with food prices contributing significantly to the strain on households. Policymakers face mounting pressure to address the persistent price increases, which have been exacerbated by currency depreciation, supply chain disruptions, and other economic challenges.
As the year draws to a close, economists are calling for urgent interventions to stabilize prices and mitigate the effects of rising inflation on the nation’s economy and citizens.
