Food Prices Rise As Nigeria’s Inflation Hits 34.6% In Nov 2024

Nigeria’s headline inflation rate rose to 34.60% in November 2024 from 33.88% in October 2024, the National Bureau of Statistics (NBS) said Monday.

The November inflation rate showed an increase of 0.72% points compared to the October 2024 inflation rate, according to NBS’s latest Consumer Price Index (CPI) report which measures the rate of change in prices of goods and services.

“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). 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),” the Bureau said.

Significantly, 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%).

On a month-on-month basis, the food inflation rate in November 2024 was 2.98% which shows 0.05% points increase compared to the rate recorded in October 2024 (2.94%).

The rise in food inflation is attributed to the rate of increase in the average prices of mudfish, catfish dried, dried fish sadine, rice, yam flour, millet whole grain, corn flour, agric egg, powered milk, fresh milk, dried beef, goat meat, frozen chicken, among others.