Inflation in Nigeria has surged to 34.60% in November 2024, marking a 0.72% increase from October’s rate of 33.88%. This significant rise is detailed in the latest Consumer Price Index report released by the National Bureau of Statistics on Monday.
The report highlights a stark year-on-year increase, with the November 2024 rate being 6.40 percentage points higher than the 28.20% recorded in November 2023. According to the report, “In November 2024, the Headline inflation rate was 34.60% relative to the October 2024 headline inflation rate of 33.88%. This reflects an increase of 0.72 percentage points compared to the previous month.”
The rise in inflation is primarily driven by escalating food prices, which continue to exert pressure on Nigerian households. On a month-on-month basis, the headline inflation rate showed a marginal slowdown, standing at 2.638% in November compared to 2.640% in October. While inflation remains high, this slight dip suggests a slower pace of price increases than in the previous month.
Despite the marginal month-on-month decrease, the year-on-year increase underscores the ongoing pressures consumers face as the cost of living continues to climb. Food inflation has reached a staggering 39.93% in November 2024, up from 32.84% in the same period last year. Prices for staple foods such as yam, rice, maize, and palm oil have surged, contributing significantly to this increase. Other items, including guinea corn, millet, and meat, have also seen notable price hikes.
On a month-on-month basis, food inflation rose by 2.98%, slightly up from 2.94% in October. This increase is attributed to higher prices for essential items such as fish, rice, dairy products, and meat. The twelve-month average food inflation rate for the period ending November 2024 stands at 38.67%, marking an 11.58 percentage point rise from the previous year’s 27.09%.
The substantial increase in food prices is a key driver of the overall inflationary pressures facing the country, highlighting ongoing challenges in managing food supply chains and meeting domestic demand. Core inflation, which excludes food and energy prices, rose to 28.75% in November 2024, compared to 22.38% in the same period last year. This increase reflects rising costs in other sectors, particularly in transportation, housing, and personal services.
The highest increases were recorded in the prices of taxi journeys, bus fares, rents, and personal grooming services. Month-on-month core inflation decreased slightly to 1.83% in November from 2.14% in October, but the annualized rate continues to climb, reflecting broader economic pressures. The twelve-month average for core inflation stands at 26.64%, up from 20.35% in November 2023, indicating that price pressures are widespread across various sectors of the economy.
Regional variations in inflation are also notable. Bauchi, Kebbi, and Anambra recorded the highest year-on-year inflation rates at 46.21%, 42.41%, and 40.48%, respectively. In contrast, Delta, Benue, and Katsina reported the lowest inflation rates, ranging from 27.47% to 29.57%. On a month-on-month basis, Yobe, Kebbi, and Kano experienced the highest inflation increases at 5.14%, 5.10%, and 4.88%, respectively, while Adamawa, Osun, and Kogi recorded the slowest rises.
Food inflation exhibited significant regional disparities as well, with Sokoto, Yobe, and Edo recording the highest year-on-year food inflation rates at 51.30%, 49.69%, and 47.77%, respectively. Conversely, Kwara, Kogi, and Rivers saw slower increases in food prices, with year-on-year rates of 31.39%, 32.95%, and 33.27%.
Urban inflation in November 2024 stood at 37.10%, a 6.88 percentage point increase from the 30.21% recorded in November 2023, indicating a higher inflation rate than in rural areas, where inflation reached 32.27%, up by 5.84 percentage points from the previous year. On a month-on-month basis, urban inflation rose by 2.77%, while rural inflation was slightly lower at 2.51%. The twelve-month average for urban inflation stands at 35.07%, reflecting a 9.62 percentage point increase from 25.45% in November 2023, while rural inflation has a twelve-month average of 30.71%, up by 8.00 percentage points from 22.71% in the same period last year.
The continued rise in inflation signals persistent challenges for Nigerian consumers and businesses, with the cost of living showing no signs of abating.
