Nigeria’s Inflation Hits 34.6% in November

Nigeria’s inflation rate surged to 34.6% in November, up from 33.88% in October, according to the National Bureau of Statistics (NBS).

The report highlights a 6.4% increase year-on-year, compared to November 2023’s 28.2%. On a monthly basis, inflation stood at 2.64%, reflecting a slight dip from October’s 2.64%.

Food inflation rose sharply to 39.93%, driven by higher prices of staples like yam, rice, and maize, alongside cooking oils and meats such as dried fish and frozen chicken.

The NBS attributed the spike to rising costs in key food categories, including tubers, cereals, and dairy products. On a yearly average, food inflation for the 12 months ending November 2024 was 38.67%, marking an 11.58% increase from the previous year.

This rise underscores persistent cost-of-living challenges for Nigerians as key commodity prices continue to soar.