Nigeria’s headline inflation increased to 34.60% in November 2024, indicating a continued rise in the prices of goods and services nationwide. The new rate is captured in the Consumer Price Index (CPI) data published by the Nigeria Bureau of Statistics (NBS) on Monday.
According to the data, the headline inflation rate experienced a 0.72% increase from the previous rate of 33.88% recorded in October. Also, food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).
The increase in food inflation is linked to the rising average prices of various items, including mudfish, dried catfish, dried sardines, rice, yam flour, whole millet, corn flour, eggs, powdered milk, fresh milk, dried beef, goat meat, and frozen chicken, among others.
Food and commodity inflation have surged dramatically as Nigerians confront what may be the most severe cost of living crisis since the nation gained independence more than sixty years ago.
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Recall that President Bola Tinubu removed subsidy on petrol and floated the Naira, leading to a surge in the price of petrol across the country and a depreciating currency. Although the Naira had showed some recovery against the dollar in recent days. However, it failed to sustain the momentum plummeting further to around N1,700 per dollar.
Meanwhile, the NBS also noted that the highest increases were recorded in prices of transportation, accommodation, and services. The spike in prices will impact the people’s spending capacity and purchasing power this festive season and beyond.
