Nigeria’s Inflation Rate Soars to 34.60% in November

Nigeria’s inflation rate climbed to 34.60% in November 2024, up from 33.88% in October, signaling increased economic hardship for Nigerians, according to the latest National Bureau of Statistics report.
According to the report, Nigeria’s headline inflation rate rose by 0.72% on a month-on-month basis, while the year-on-year inflation rate surged by 6.40% to 34.60% in November 2024, up from 28.20% in November 2023.
The rise in prices of food items pushed food inflation to 39.93 percent in November from 39.19 percent in October.The report also showed that urban and rural inflation stood at 37.10 percent and 32.27 percent, respectively.
The increase in Nigeria’s inflation comes amid the Central Bank of Nigeria’s monetary policy interventions.
The apex bank, led by Olayemi Cardoso, consistently had a hike in interest rates with rising inflation as justification.
The latest hike was in November when the CBN 297th Monetary Policy Committee decided to raise the country’s interest rate to 27.50 percent from 27.25 percent.Despite CBN’s monetary interventions, the prices of goods and services have remained elevated, impacting the cost of living for the majority of Nigerians.
Meanwhile, in July and August 2024, Nigeria witnessed declining inflation rates.